Gen Digital raises annual forecast on strong cybersecurity demand
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((Automated translation by Reuters using machine learning and generative AI, please refer to the following disclaimer: https://bit.ly/rtrsauto)) by Juby Babu Gen Digital GEN.O on Thursday raised its full-year revenue and profit forecasts, signaling strong demand for its range of cybersecurity products amid a proliferation of AI-powered online threats. The digital security company is benefiting from an increased threat environment, where generative AI tools make it easier for cybercriminals to create sophisticated phishing emails, scams, and identity theft attacks. Here are some details about this quarter: * Consumer concern about AI-related fraud has become the main catalyst for new customer acquisition, CEO Vincent Pilette told Reuters. * Gen is seeing an increase in subscribers to its flagship product, Norton 360, its comprehensive suite of digital security and malware protection solutions, Pilette said. * Looking ahead to fiscal year 2027, Pilette identified the monetization of financial wellness adoption as the key success metric. * Gen expects "$100 million in additional revenue from financial wellness adoption" over the next 18 months. * The company forecasts fiscal year 2027 revenue between $5.38 billion and $5.48 billion (XX.XX billion euros), compared to a previous forecast of $5.33 billion to $5.43 billion (XX.XX billion euros). * It expects adjusted earnings per...
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