Avast CEO steps down after results miss expectations

Avast CEO steps down after results miss expectations

The CEO of Avast has stepped down after the cyber security company posted  marginally lower-than-expected results in the first full year since its IPO. 

Revenues were up by 8.3pc on a like-for-like basis, driven by double digit growth from its consumer desktop business, the company said. 

On a statutory basis, revenue increased by 23.8pc from $652.9m (£496.7m) to $808.3m (£614.9m), while operating profit doubled from $124.3m (£94.5m) to $188.9m.

Adjusted earnings before interest, tax, depreciation and amortisation rose by 6.7pc to $447.7m in 2018. 

The FTSE 250 company said the results were slightly below expectations after reaching 12 million paying customers for its core PC product line. 

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