The sale of non-core businesses led to a 5.5% revenue drop in the most recent quarter.
However, the company’s strong focus on consumer cybersecurity and identity protection gives it lots of room to move higher.
NORTONLIFELOCK INC., (Nasdaq symbol NLOK; www.nortonlifelock.com) is the newly renamed Symantec following the recent sale of its Enterprise Security business to Broadcom (Nasdaq symbol AVGO) for $10.7 billion in November 2019.
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The company used the cash to pay investors a $12.00-a-share special dividend. It also increased your regular quarterly dividend by a whopping 66.7%, to $0.125 a share. The new annual rate of $0.50 yields a solid 2.4%.
For decades, Symantec sold antivirus protection to individuals through its Norton security software. However, the market for that product was flat. Demand for personal computers (PCs) has been mostly stagnant in recent years, and free antivirus software, including Microsoft’s Windows Defender, has emerged as a major competitor.
On the other hand, Symantec’s 2017 purchase of LifeLock for $2.3 billion was a savvy move: it lets the company re-energize sales of its Norton personal-security software.
LifeLock was a leader in selling identity-theft protection services to its subscribers. Symantec put its research and marketing expertise behind the software to better counter the growing threat hackers pose to consumers’ personal information. It also bundled LifeLock with its existing Norton antivirus to reenergize both brands.
Growth Stocks: Last earnings beat consensus despite a drop
NortonLifeLock is now focused on expanding its consumer business to lift investor returns. Those operations make and sell computer antivirus and email-filtering software for individuals. At the same time, its LifeLock business sells identity-theft protection for individual consumers.
The company also continues to attract new customers as more people working from home has spurred a jump in cyberattacks.
NortonLifeLock closed the fiscal 2021 first quarter, ended July 3, 2020, with 20.6 million customers. That’s up 416,000 (or 2.1%) from a year earlier. As well, its average monthly revenue per customer rose 2.3% to $9.03.
However, due to the sale of less-important businesses, overall revenue in the quarter fell 5.5%, to $614 million from $650 million. Even so, that beat the consensus forecast of $600.1 million.
Earnings shot up 40.3%, to $188 million from $134 million, while per-share earnings jumped 47.6%, to $0.31 from $0.21, on fewer shares outstanding.
Those results exclude restructuring costs and other unusual items. On that basis, the latest earnings also beat the consensus estimate of $0.22 a share.
In addition, the company continues to spend a high 10.5% of its revenue on research. Those costs depress its current earnings but will help it compete in its rapidly changing industry.
All in all, NortonLifeLock’s industry-leading position lets it benefit from the rising amount of time consumers spend online and the resulting rise in cyber threats.
NortonLifeLock also continues to attract takeover interest from a number of other parties, including rival McAfee LLC. Meanwhile, activist investor Starboard Value has a 7% stake in NortonLifeLock and a board seat. Private-equity firms Bain Capital and Silver Lake also have significant investments.
Thanks, on. We do have the most-recent revenue figures here:
“However, due to the sale of less-important businesses, overall revenue in the quarter fell 5.5%, to $614 million from $650 million. Even so, that beat the consensus forecast of $600.1 million.”
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Starboard Value sold a BIG BLOCK in JUNE 2020 I think it was over 10 million shares ,I could be mistaken and now has a small position 7%
JIM bates you forgot to post sales BIG BLOCK sales of this stock in your reporting!
Thanks, on. We do have the most-recent revenue figures here:
“However, due to the sale of less-important businesses, overall revenue in the quarter fell 5.5%, to $614 million from $650 million. Even so, that beat the consensus forecast of $600.1 million.”
I would stay away from this stock when you see the HUGE blocks being sold short! technically i would rather be a buyer of BB.TO @6.34,$6.40
Thanks for your comment and your opinion on Successful Investor recommendation BlackBerry.
SPECIALIST’S :To be a very wealthy you must do as the specialist’s do that is to Accumulate when they do and sell when they do!
The specialists will not let you make money they will drive prices up unload they stock then go short making money on your selling!