Avast Q3 revenues rise, sees second-half growth
By Frank Prenesti
Date: Wednesday 20 Oct 2021
(Sharecast News) - Cybersecurity firm Avast reported a rise in third quarter revenues and said it expected second-half billings growth of high-to-mid single digits.
Revenue of $232.7m was up by 5.6% on an organic basis and 3.0% at actual exchange rates for the three months to September 30. Adjusted core earnings increased 0.8% to $127.0m.
Avast reaffirmed its full-year outlook for revenue to be at the upper end of 6 - 8% growth, and a broadly flat adjusted EBITDA margin percentage. For the year to date, revenue of $704m was up by 8.8% on an organic basis, and 6.8% at actual rates.
"Billings growth accelerated through the quarter and we expect second-half billings growth of mid to high single digits. The core consumer direct business performed broadly in line with expectations as our other segments saw more muted billings growth," the company said on Wednesday.
"While we continue to see competitive pressures on customer acquisition, as previously indicated a number of initiatives are underway to drive customer engagement, acquisition and retention, including the rollout of our flagship Avast One platform, which commenced during the quarter."
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