Avast PLC (LON: AVST) posted its third quarter results this morning, showing an increase in total sales despite workplace and business divisions.
The cyber security firm said revenue rose 9% year on year for the quarter ending in September. Revenues were totaled at £170 million.
For the nine months, adjusted Ebitda grew 6.6% to USD 358.5 million.
Chief Executive Ondrej Vlcek said “I’m pleased to report that Avast has delivered good growth in the third quarter, consistent with our expectations at the time of the half year results in August,”
Vlcek added “”We continue to successfully execute our growth strategy, underpinned by our platform distribution model and our global installed base of more than 435 million users.”
The results achieved were consistent with expectations laid out in its half year results results back in August.
The global cyber security firm stated its guidance for adjusted revenue to be at the higher end of single digit growth.
Avast have enjoyed strong demand for VPN’s and privacy software amidst the battles of Brexit, and are one firm who do not seem to be phased by Britain’s status within the European Union.
Currently shares in Avast are trading at 391.6p per share, seeing a 6.01% rise. 18/11/2019 11:04 BST
This follows the good news that Avast set to meet their annual revenue targets whilst looking to expand and grow.
Shareholders of Avast can be thoroughly pleased with the results published.
The report also published impressive figures of EBITDA growing by 6% to $385.5 million.
The cybersecurity market is one that is on the rise, and Avast look to have captured a good segment looking at revenue level looking at recent stories involving Facebook (NASDAQ: FB) and Amazon.com Inc (NASDAQ: AMZN).
Shareholders can be optimistic about annual profit levels, as the Q3 results continue to impress and also meet expectations outlined earlier this year.
If this is the case then shareholders will look to hold onto shares, as stock prices rise as Avast’s revenues continue grow as they develop new Anti-Track software in the early months of 2020.