- With a Q3 miss on the books, NYSE:AVG now expects 2015 revenue of $426M-$430M and EPS of $1.80, revised from a prior $420M-$440M and $1.80-$1.90 and below a consensus of $433.1M and $1.89.
- The PC/mobile security software firm also announces it plans to change CFOs. Current CFO John Little will maintain his position until a successor is named.
- AVG says it say "stiff" forex headwinds in Q3, and also "a reduction in total platform revenue as we execute our controlled exit from the third-party search business" (e.g. search toolbars). Mobile, SaaS, and SMB revenue were strong points, and users of AVG's Zen PC/mobile platform rose 54% Q/Q to 17M.
- GAAP operating expenses rose 29% Y/Y to $75.4M. Free cash flow rose 67% to $27.4M, above net income of $22.2M. Paid users rose 43% Y/Y to over 20M (over 6M for mobile). Subscription revenue equaled 81% of total revenue.
- Q3 results, PR