Merger Referred to Phase 2 Review: NortonLifeLock Inc. (NLOK) Stock Plummets in Early Trading.

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NortonLifeLock Inc. (NLOK) is a global leader in consumer Cyber Safety, protecting and empowering people to live their digital lives safely. We are the consumer’s trusted ally in an increasingly complex and connected world.

NLOK stock price in the early trading session of March 16, 2022, at the time of writing, dipped significantly by 10.06% to be $27.08.

NLOK: Events and Happenings

On March 16, 2022, NLOK released the statement regarding the final remaining regulatory endorsement status for its suggested combination with Avast plc. The CMA intended to refer the combination to a Phase 2 inquiry based on the possible effect in the UK market if it does not offer Phase 1 remedies.

On March 15, 2022, NLOK announced its Identity Advisor Plus Launch in the UK. It leverages the company’s customer identity protection experts to assist the sufferers of identity theft to resolve their problems.

On March 7, 2022, NLOK updated on 2022 South by Southwest (SXSW) Tech Industry Track’s sponsorship. It took place on March 11-16, 2022, and the company showcased The Norton Bright Lounge.

NLOK: Key Financials

On February 3, 2022, NLOK released its third-quarter 2022 consolidated financial statement for the three months ended December 31, 2021. Some notable points are discussed here.

Revenue

Net revenues in Q3 2022 were $704 million in comparison to $639 million in the equivalent period in 2021. Its net revenue gained 10% year-over-year. Also, the company surpassed the revenue target by $719.3 thousand.

EPS

Net income per diluted share in Q3 2022 was $202 million or $0.34 corresponding to $178 million or $0.30 in the same quarter of 2021. The company’s EPS inclined over the year. Also, its EPS estimations remained in line with the actual figures.

Conclusion

NLOK stock outdid in the last year due to various reasons. The current stock position is showing a decline in the early trading as the company reported referring the merger to Phase 2 review. NLOK is estimating revenue guidance of $709.6 million for the fourth quarter of 2022.

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