Fastest Growing Tech Stock NortonLifeLock EPS Growth Surpasses 375% as FAANG Stocks Lose $354B

According to the research data analyzed and published byStockApps.com, NortonLifeLock (NLOK) had a 375% EPS growth rate during Q1 FY21.                                    It was thus rated as one of the fastest growing stocks in the tech sector alongside Salesforce (2,490%) and WEX Inc. (418.8%).

According to the cyber safety leader’s results for the quarter, non-GAAP earnings per share (EPS) grew by 48% to $0.31 against an estimated $0.21.

Tech Sector Up by 35.83% YTD against Russell 1000’s 4.96%

Overall, the company’s performance was much stronger than expected as revenue grew 4% to $614 million vs. an expected $598.4 million. Consumer reported billings were up by 9% and direct customer count increased by 416,000 to 20.6 million. It was the first time in 5 years that the two vectors had increased year-on-year (YoY).

NortonLifeLock estimates Q2 FY21 revenue to be between $615 and $625 million, a 3% to 5% increase. Analysts are optimistic as the consensus shifted by 36.03% after Q1 FY21 results were announced.

The tech sector as a whole, which is represented by XLK ETF, has gained 35.83% YTD as of October 1, 2020 according to Yahoo Finance. Comparatively, the Russel 1000 has gained 4.94% within the same period.

The tech sector includes FAANG stocks, which have some of the largest market caps. During the first weekend of September, the S&P 500 gained 6%. In comparison, Facebook was up by 38%, Amazon by 78%, Apple by 65%, Netflix by 59% and Alphabet by 19%. These five stocks tumbled on average 7.1% on September 3 and 4, 2020. Facebook lost $34 billion, Apple $177 billion, Amazon $83 billion, Netflix $11 billion and Google $49 billion according to YCharts. Collectively, this amounted to $354 billion market value lost in two days.

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