NortonLifeLock Revenue Grows 11% In Fourth Fiscal Quarter
A little more than a year after setting out on its own, NortonLifeLock reported $677 million in revenue for the fiscal quarter that ended on April 2.
The company’s earnings per share went up by 54% to 40 cents per share, surpassing Wall Street’s 38-cent prediction. NortonLifeLock shares subsequently experienced a surge in value, currently standing at $26.09 - nearly $4 more than their peak value for the past six months.
These announcements were presented by the CEO of NortonLifeLock, Vincent Pilette. He added that the transition phase of the company is over and that its team is now fully prepared to run its business as an established entity. “I’m proud of what the team achieved in our first fiscal year. We accelerated growth, expanded our international footprint, and added freemium capability. In the fourth quarter alone, we added 2 million new customers, and achieved record revenue and profit. This is possible because we are all driven by our vision to protect and empower people to live their digital lives safely,” Pilette said.
Pilette explained that the pandemic had a significant effect on everyday life, turning many aspects of it into an online experience, which further drove the need for better cybersecurity products, such as an excellent antivirus or a good VPN. He also said that the company has to “continue proving itself,” even after doing so well so quickly.
Such success is quite incredible for a company so young. The original LifeLock Inc. was an Arizona company that went public in 2012. Symantec acquired it in 2017, but after Broadcom bought part of Symantec, the remainder of the company rebranded as NortonLifeLock and moved back from California to Arizona.
Currently, NortonLifeLock has 23 million users. Most of those are US customers and their overall number increased by 2.8 million since last year. The remainder are customers using its personal security platform, Norton 360. The company’s next goal is growth and a more significant international user base.
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