Gen Digital Inc. - GEN STOCK NEWS

The Consumer Cyber Safety Pulse Report by Norton, a brand of Gen (NASDAQ: GEN), reveals how cybercriminals are exploiting AI tools like ChatGPT. Released on March 2, 2023, the report discusses the use of large language models to enhance phishing tactics and create deepfake chatbots. Norton blocked over 3.5 billion threats in 2022, including 90.9 million phishing attempts and 274,000 ransomware attacks. The report emphasizes the growing difficulty for individuals to identify scams and suggests that robust Cyber Safety solutions are essential. Experts recommend avoiding unknown chatbots and updating security systems to counteract these evolving threats.

LifeLock, a leading identity theft protection brand of Gen, announced enhancements to its Million Dollar Protection Package, offering up to $3 million in identity theft coverage. This includes $1 million for reimbursement of stolen funds and expert legal support. Additionally, LifeLock has expanded its Social Media Monitoring to include TikTok and Snapchat, aiming to protect users from account takeovers and scams. The company has also introduced new features in its Lock and Freeze Center, such as guided child freezes and utility alerts, reinforcing its commitment to comprehensive identity protection.

Avast, a leader in digital security and a brand of Gen (NASDAQ: GEN), reported a rise in cyber threats in its Q4 2022 Threat Report. Significant increases were noted in refund fraud (14% from October to November, 22% in December) and tech support scams across countries including the U.S., Brazil, and Japan. Furthermore, Avast identified two critical zero-day vulnerabilities in Google Chrome and Windows, which have been promptly patched. The prevalence of information-stealing malware, adware, and botnets was also highlighted, with a 437% surge in the Arkei information stealer. Avast aims to protect consumers using AI-based technologies.

A recent survey from the Harris Poll, commissioned by Norton, reveals troubling attitudes towards online stalking among younger generations. Conducted from November 29 to December 19, 2022, with 1,001 adults, the study found that 34% of Gen Z and 35% of Millennials do not mind being stalked online, contrasting sharply with only 10% of older adults. Notably, 25% of Americans reported experiencing online dating scams, with victims losing an average of $230. Norton emphasizes the need for increased education on cyber safety and has taken steps to combat stalkerware as part of its mission to protect privacy and promote digital wellness.

Gen Digital Inc. (NASDAQ: GEN) reported strong financial results for Q3 Fiscal Year 2023, with GAAP revenue reaching $936 million, a 33% increase year-over-year. The company's diluted EPS from continuing operations was $0.25, down from $0.34 a year prior. Operating cash flow stood at $306 million. Non-GAAP figures showed revenue growth of 33% in USD and 38% in constant currency, with bookings of $966 million, an increase of 29%. The operating margin improved to 56%, up 3 points. For Q4 FY23, Gen expects revenue between $935 million and $945 million, with diluted EPS projected at $0.44 to $0.46. A quarterly cash dividend of $0.125 per share was also approved.

Gen (NASDAQ: GEN) announced that its cyber threat protection brands—Norton, Avast, AVG, and Avira—collectively won eight AV-Comparatives awards, highlighting their effectiveness in malware protection. Norton secured the Gold Award for Malware Protection and four Advanced+ awards. Avast and AVG each received a Top-Rated Product Award after achieving Advanced+ levels in 6 out of 7 tests. Avira was honored with the Gold Award for Real-World Protection. These accolades affirm Gen's commitment to quality cybersecurity solutions as it strives to enhance consumer trust and digital safety amidst rising cyber threats.

Gen Digital Inc. (NASDAQ: GEN) announced it will release its fiscal 2023 Q3 financial results on February 2, 2023, after market close. A conference call and webcast with management will follow at 2 p.m. PT / 5 p.m. ET. The company focuses on digital safety, providing services under brands like Norton, Avast, and LifeLock, serving over 500 million users in over 150 countries.

Gen is addressing global food insecurity by donating over 1.1 million meals and $172,000 to various organizations this December and January. With rising food insecurity affecting 828 million people worldwide, this initiative aims to assist those in need. Funds will support Feeding America in the U.S., Save the Children India for underprivileged children, and NGOs like The European Food Banks Federation and People in Need in Europe. These efforts target immediate hunger relief and long-term solutions to food access challenges.