Check Point Software reports in-line Q3 results, revenue up 7% YoY

REDWOOD CITY, Calif. - Check Point Software Technologies Ltd. (NASDAQ:CHKP ) reported third quarter financial results that met analyst expectations, with revenue growing 7% year-over-year.

The cybersecurity company posted adjusted earnings per share of $2.25, in line with Wall Street estimates. Revenue came in at $635 million, slightly above the consensus forecast of $634.98 million and up 7% compared to $596 million in the same quarter last year.

"Check Point delivered great third quarter financial results that were bolstered by double-digit Infinity Platform growth," said Gil Shwed, Check Point founder and CEO. "This success is underscored by double-digit revenue growth in Harmony Email and Infinity Global Services."

Security subscription revenues grew 12% year-over-year to $277 million. Product and license revenue increased 4% to $119 million.

The company's non-GAAP operating income was $274 million, representing 43% of revenues. This compares to $269 million or 45% of revenues in Q3 2023.

During the quarter, Check Point acquired Cyberint Ltd., a provider of external risk management solutions, for $186 million in net cash. The company also repurchased approximately 1.79 million shares at a total cost of $325 million.

Check Point ended the quarter with $2.87 billion in cash and marketable securities.

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Source: Investing.com