Avast boosted by stronger third quarter numbers
08:37, 20 October 2021
Cybersecurity provider Avast has revealed third-quarter revenue of $232.7m, up 3% on the same period in 2020. Year-to-date revenue was $704m, up 6.8% on actual rates for the same nine-month period for 2020.
In its latest trading statement today, the company showed its billings growth accelerated through the quarter and Avast now expects second-half billings growth of mid-to-high single digits.
The company’s core consumer-direct business performed broadly in line with expectations, while other segments saw more muted billings growth.
Avast said that while it continued to see competitive pressures on customer acquisition, a number of initiatives were now underway that it hopes will drive customer engagement, acquisition and retention, including the roll-out of the flagship Avast One platform, which commenced during the quarter.
For the third quarter, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased 0.8% to $127m. For the year-to-date figures, adjusted EBITDA increased by 8.1% to $397.1m, resulting in an adjusted year-to-date EBITDA margin of 56.4%.
Avast has reaffirmed its full-year 2021 outlook for revenue to be at the upper end of 6%–8% growth, and a broadly flat adjusted EBITDA margin percentage.
The Avast share price rose slightly in early morning trading, up by 0.64% to 565.00p.
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