Check Point beats analysts with Q1 results
Check Point CEO Gil Shwed: The cyber threat landscape requires a holistic security architecture to prevent the next cyber pandemic.
Cybersecurity company Check Point Software Technologies Ltd. (Nasdaq: CHKP) opened the first quarter reporting season for Israeli companies traded on Wall Street today with positive results. The company beat analysts estimates on both sales and profit, and came close to the upper end of the guidance it itself provided in the previous quarter.
Quarterly revenue totaled $508 million, representing growth of 4.3% in comparison with in the corresponding quarter of 2020. Revenue from security products and licenses totaled $387 million, up 6.6%, while revenue from software updates and maintenance rose 1.6% to $221 million.
Check Point Software profit gains on cloud, home network security
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Shwed said Check Point’s cloud and home network offerings both saw double-digit percentage growth in the first quarter, and that is expected to continue through 2021.
The Israel-based company said it earned $1.54 per diluted share excluding one-time items in the quarter, up from $1.42 a year earlier. Revenue grew 4% to $508 million, with the company on its way to top $2 billion for a second straight year in 2021.
It was forecast to earn $1.50 a share on revenue of $502 million, according to I/B/E/S data from Refinitiv.
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