Gen Digital recently released its 10-Q report, offering a detailed look at the company's financial performance and operations. The company, formerly known as NortonLifeLock Inc., is a global provider of cyber safety solutions, offering security and performance products under various brands such as Norton, Avast, Avira, AVG, and CCleaner. These products provide real-time protection and maintenance for PCs, Macs, and mobile devices against malware, viruses, adware, and other online threats. Additionally, the company offers identity protection solutions, including LifeLock Identity Theft Protection, Avast and AVG Secure Identity, Norton Identity Theft Protection, and Dark Web Monitoring.
In the 10-Q report, Gen Digital highlighted key financial metrics for the three and nine months ended December 27, 2024, compared to the corresponding periods in the prior year. The company reported net revenues of $986 million for the three months ended December 27, 2024, representing a 4% increase from the same period in 2023. For the nine months ended December 27, 2024, net revenues totaled $2.925 billion, reflecting a 3% increase from the prior year. The company also reported operating income of $374 million for the three months ended December 27, 2024, compared to $332 million for the same period in 2023. For the nine months ended December 27, 2024, operating income amounted to $1.193 billion, up from $713 million in the prior year.
Gen Digital's net income for the three months ended December 27, 2024, was $159 million, compared to $142 million for the same period in 2023. The company's net income per share * diluted * increased from $0.22 in 2023 to $0.26 in 2024. For the nine months ended December 27, 2024, net income was $501 million, up from $476 million in the prior year, with net income per share * diluted * increasing from $0.74 in 2023 to $0.80 in 2024.
The report also provided insights into Gen Digital's financial highlights for the third quarter and first nine months of fiscal 2025. The company noted increases in net revenues, operating income, and net income, attributing the growth to higher sales in consumer security and identity and information protection products. Cash and cash equivalents increased by $37 million compared to March 29, 2024, primarily due to cash generated from operating activities during the first nine months of fiscal 2025. Contract liabilities decreased by $35 million compared to March 29, 2024, primarily due to billing seasonality and fluctuations in foreign currency rates.
Additionally, the 10-Q report discussed Gen Digital's proposed acquisition of MoneyLion Inc. and subsequent events, including a legal settlement agreement with an e-commerce partner and another acquisition completed in January 2025. The company also addressed global macroeconomic conditions and critical accounting estimates, providing a comprehensive overview of its financial performance and operations. The market has reacted to these announcements by moving the company's shares -3.5% to a price of $26.91. For more information, read the company's full 10-Q submission here.