On Friday, NortonLifeLock Inc (NASDAQ: NLOK) gapped up to continue an uptrend that has held for the better part of 2020. The gap up came after the company released stronger than expected Q3 results. The company announced that, in Q3, it had revenues of $618 million, slightly higher than the revenues of $615 million in the previous financial year. The company also reported that in the quarter, its GAAP diluted EPS stood at $0.55 compared to a loss of $0.03 a year earlier. It also reported growth in billings by 4% compared to a year earlier.
The company also announced that, it was accelerating its transition and cash return to shareholders. It announced that, it has pushed down its total post-sale stranded costs to less than $1 billion. Out of this figure, $0.75 billion is a cash cost. The company also offered projections on its cash proceeds from its lowly utilized assets worth $1.5 billion.
It also reported that, it had fulfilled its commitment to return enterprise asset sale money to shareholders. This includes a $12 per share special dividend to all its shareholders. It also announced the commencement of its $1.6 billion stock repurchase program.
Commenting on Q3 results, CEO Vincent Pilette said that, the company’s strong results were due to sequential customer growth for the first time in 2 years. He added that, the company’s ambition was to protect the digital life of the masses in a highly-connected world where threats are always evolving. He further stated that, with the company’s Norton 360 membership plans, it could offer trusted protection, as it turns more to the consumer market.
Looking at its price action, the company is in an uptrend. It gapped up in Friday’s session to open trading at $19.04. It then traded between a low of $18.96 and a high of $20.77, before closing the day at $19.73. Volumes in the day stood at 24.82 million.
About NortonLifeLock Inc
NortonLifeLock Inc is a cybersecurity company. It is headquartered in Tempe, Arizona.