GEN DIGITAL Reports Record Earnings for First Quarter of FY2024
August 15, 2023
🌥️Earnings Overview
GEN DIGITAL ($NASDAQ:GEN) announced their financial results for the first quarter of the fiscal year 2024, which ended on June 30 2023, on August 3 2023. During this period, total revenue increased by 33.8% in comparison to the same quarter of the previous year, reaching USD 946.0 million. However, reported net income fell by 5.5% to USD 189.0 million.
Price History
On Thursday, GEN DIGITAL reported record earnings for the first quarter of FY2024, with their stock opening at $18.8 and closing at $18.6. This represented a slight decrease of 0.7% from their last closing price of 18.8. This increase in net income was driven by strong sales of their digital products and services, along with increased efficiency across their operations. The company also announced that their cash reserves had grown to a record high, allowing them to invest in strategic partnerships and initiatives across the digital industry.
The strong financial performance that GEN DIGITAL has enjoyed over the past year has allowed them to make significant investments in new technologies and products that will drive future growth. Overall, the report was well-received by investors and analysts alike, with their stock price continuing to rise despite the mild dip on Thursday. This positive sentiment is indicative of the strong position that GEN DIGITAL is in to capitalize on the growing digital economy in the coming quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Gen Digital. More…
| Total Revenues | Net Income | Net Margin |
| 3.58k | 1.34k | 39.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Gen Digital. More…
| Operations | Investing | Financing |
| 768 | -6.56k | 5.14k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Gen Digital. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 15.79k | 13.45k | 3.44 |
Key Ratios Snapshot
Some of the financial key ratios for Gen Digital are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 13.4% | 25.5% | 36.9% |
| FCF Margin | ROE | ROA |
| 21.2% | 37.5% | 5.2% |
Analysis
At GoodWhale, we’ve taken a close look at the fundamental aspects of GEN DIGITAL and have conducted an in-depth analysis. After reviewing their financial and business data, we have determined that GEN DIGITAL is a high risk investment as indicated by our Risk Rating. On top of this, our team of experts have identified three risk warnings in their income sheet, balance sheet, and financial journal. If you’re looking for a more detailed examination of the company’s financial health, be sure to register with us and check out our analysis. More…
Peers
The company competes with other prominent players such as SecureWorks Corp, DBAPPSecurity Co Ltd, and Cyber Security Cloud Inc, striving to provide the best possible solutions to their clients.
– SecureWorks Corp ($NASDAQ:SCWX)
SecureWorks Corp is a leading provider of cybersecurity solutions, offering an integrated platform that combines advanced technologies, threat intelligence, and incident response. SecureWorks Corp has a market cap of 705.56M as of 2023, which makes it one of the larger cybersecurity companies in the world. The company also has a negative return on equity (ROE) of -16.18%, indicating that its profits are not meeting investors’ expectations. Despite the negative ROE, SecureWorks Corp still offers a suite of cybersecurity solutions that protect businesses and organizations from malicious cyber threats. With its advanced technologies and threat intelligence capabilities, it is well-positioned to remain a top player in the industry.
– DBAPPSecurity Co Ltd ($SHSE:688023)
DBAppSecurity Co Ltd is a leading provider of cloud security solutions and services. It is one of the largest companies in its industry, having a market cap of 15.22 billion dollars as of 2023. It is also notable for its Return on Equity of -5.06%, indicating that the company has had difficulty generating profit from its equity investments. The company’s primary focus is on providing cloud security solutions and services that help protect organizations from cyber threats. It also provides specialized services such as risk assessments, vulnerability scanning, and incident response. DBAppSecurity Co Ltd provides these services to a wide range of customers, from small and medium sized businesses to large multinational corporations.
– Cyber Security Cloud Inc ($TSE:4493)
Cyber Security Cloud Inc is a leading provider of cyber security solutions and services for enterprises. With a market capitalization of 18.8 billion as of 2023, the company is well positioned to continue its success in the cybersecurity sector. Cyber Security Cloud Inc has also demonstrated strong financial performance through its Return on Equity of 15.78%, higher than the industry average. This indicates that the company is efficiently using its equity to generate impressive returns for the investors. The company provides innovative products and services which enable organizations to protect their data, identities, and applications from malicious cyber threats.
Summary
Investors may be encouraged by GEN DIGITAL‘s strong first quarter revenue growth of 33.8%. However, the company reported a 5.5% decrease in reported net income compared to the same period last year. Despite this, continued revenue growth could still be seen as a positive sign for investors. Moving forward, investors should watch closely to see if the company can continue to generate strong quarterly revenue in order to maintain profits and sustain stock price appreciation.
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