ANTIVIRUS software giant Avast's operating profit has sunk so far this year, as it looks set for a takeover by fellow cybersecurity firm Nortonlifelock.

Operating profit plunged by $54.2m (£44.8m), from $226.7m to $172.6m, the firm revealed yesterday, which bosses said had been driven by climbing costs.

Meanwhile revenue inched 0.2 per cent higher to $470.3m (£389m) in the six months to 30 June.

Shares in London-listed Avast climbed over 40 per cent last week after the UK's competition watchdog provisionally cleared Nortonlifelock's $8.6bn acquisition of the firm.

After an investigation, the Competition and Markets Authority concluded the deal did not raise competition concerns, stating that the supply of cyber safety software was a rapidly evolving space.

The watchdog added that a merged firm would continue to face significant competition, including from rivals like Mcafee.

(c) 2022 City A.M., source Newspaper