F-Secure’s profitability exceeded expectations – He specified his instructions

Information security company F-Secure announced its third quarter results on Thursday morning.

The company’s turnover increased to 36.3 million euros in July–September from 35.1 million euros in the comparison period last year. Modular Finance the consensus forecast compiled by five analysts predicts turnover of 36.4 million euros.

The turnover of the partner business channel increased by three percent to 29.3 million euros, and the turnover of the direct sales channel increased by 5.2 percent to 7.0 million euros.

The adjusted ebita result in the third quarter was 14.6 million euros, while the corresponding figure in the comparison period was 12.8 million euros. Analysts anticipate an ebita income of 13.8 million euros.

Earnings per share rose to 0.04 euros from 0.03 euros in the comparison period. Analysts forecast earnings per share of 0.04 euros.

Operating profit was 11.5 million euros, while the figure for the comparison period was 10.0 million euros.

“The growth of the direct sales business was driven by positive invoicing during the last year. The profitability of the third quarter was strong, and it was supported by the lower cost level typical for the quarter”, comments the CEO Timo Laaksonen in the bulletin.

The instructions were clarified

F-Secure clarified its guidelines for the end of 2024 in connection with the results announcement.

The company estimates the 2024 turnover to be 144–147 million euros and the adjusted ebita result of the group to be 50–53 million euros.

Previously, the company had instructed the turnover to be 142–152 million euros and the adjusted ebita result to be 48–54 million euros.

Last year, the company had a turnover of 130.4 million euros and the adjusted ebita result was 42.1 million euros.

The company says that it estimates that the cyber security market will grow at a mid-single-digit growth rate in the years 2024–2026. The biggest driver of organic growth in the partner channel is Total and Total conversion.

“Growth may be slowed by the uncertainty we see among consumers in certain markets, as a result of which service partners, especially telecommunications service providers, are also cautious about their investment priorities,” the company’s press release states.

Last week, F-Secure announced that it would start restructuring and change negotiations in the company. Around 360 employees worldwide are covered by the negotiations and they may lead to the dismissal of a maximum of 60 employees. In addition, approximately 45 new roles will open up if the planned changes are implemented. The planned changes are estimated to bring annual cost savings of approximately four million euros. The results of the negotiations are to be announced by the end of November.