What happened
Never underestimate the need for online protection. On Thursday, shares of digital security specialist McAfee (NASDAQ: MCFE) leaped almost 10% higher following the publication of the company's latest set of quarterly results.
So what
For the quarter, McAfee's revenue came in at $467 million, which was a sturdy 22% improvement over the same period a year ago. Net income saw a much sharper rise, climbing to $108 million from Q2 2020's $22 million. On a per-share, diluted basis, the former was $0.21.
Image source: Getty Images.
This meant a pair of convincing beats as analysts following the cybersecurity stock were collectively estimating just under $434 million on the top line and $0.18 per share for net income.
McAfee's good quarter was driven by a notable rise in its key direct-to-consumer subscription demographic. Over the course of Q2, roughly 556,000 net new subscribers joined the ranks, boosting the total to 19.4 million at end-quarter. The latter figure is well above the 16.6 million from one year ago.
Zooming out somewhat, McAfee's CFO Venkat Bhamidipati said the company benefited from "Continued strong demand across all channels and all geographies for our holistic consumer security offerings," which were aided by "our focus on operational discipline."
Now what
McAfee proffered guidance for both its current quarter and the entirety of 2021. For the year, the company is expecting $1.84 million to $1.85 million in net revenue. That's notably above the average analyst projection of $1.79 billion.
Meanwhile, non-GAAP (adjusted) EBITDA is projected to be $765 million to $775 million. No bottom-line forecasts were provided.
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