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Gen Digital forecasts Q4 revenue below estimates on weak antivirus software demand

(Reuters) - Cybersecurity firm Gen Digital forecast fourth-quarter revenue below Wall Street estimates on Thursday, anticipating a sluggish demand for its antivirus software, sending its shares down more than 5% in extended trading.

Amid an uncertain economy, users are cutting back on spending even on much-needed cybersecurity, hitting firms such as Gen Digital.

Gen Digital expects fourth-quarter revenue to be in the range of $960 million to $970 million, compared with estimates of $974.4 million, according to LSEG data.

It projects adjusted earnings per share between 52 cents and 54 cents for the fourth quarter ending in March, compared with estimates of 53 cents.

The cybersecurity firm's revenue rose 2% to $951 million in the three months ended Dec. 29, compared with analysts' average estimate of $956.2 million.

Gen Digital, which offers antivirus software including Avast, Avira, AVG and Norton, earned third-quarter adjusted profit per share of 49 cents, slightly below analysts' average estimate of 50 cents.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Krishna Chandra Eluri)