(Reuters) – Gen Digital Inc forecast first-quarter revenue below Wall Street estimates on Thursday as customers hit by higher borrowing rates and sticky inflation cut spending on cybersecurity products.
Shares of the cybersecurity firm fell as much as 2% in after-market trading.
Gen Digital has also been facing increased competition from both established companies and smaller rivals such as Surfshark.
Formerly known as NortonLifeLock Inc, Gen Digital said it expected first-quarter revenue between $940 million and $950 million, below Wall Street estimates of $954.2 million.
The company’s fourth-quarter revenue grew 32% to $947 million compared with analysts’ average estimate of $940.1 million, according to Refinitiv data.
(Reporting by Vansh Agarwal in Bengaluru; Editing by Vinay Dwivedi)
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