Check Point, an Israeli cybersecurity company, exceeded analysts’ expectations in its latest financial report. The company reported adjusted earnings per share of $2.04, a 13% increase compared to the previous quarter, on revenues of $598.8 million, a 6% increase. Analysts had predicted a profit of $2 per share on revenue of $594.9 million.
The company also surpassed its own forecast, expecting adjusted profit of $2 on revenues of $592.5 million for the quarter. For the full year, Check Point expected revenue growth of about 6% to a range of $2.475-2.625 billion and a net profit of $8.7-9.3 per share. Analysts projected earnings per share of $9.07 on revenues of $2.56 billion for the year.
Check Point’s cash reserves decreased to $3.04 billion compared to the previous quarter, and its cash flow was lower at $361 million. The company bought back $325 million worth of shares in the quarter, as it does not distribute dividends to its investors.
Founder and CEO Gil Shvid expressed satisfaction with the company’s performance, highlighting strong growth in Infinity Platform contracts and the launch of new technologies like Quantum Force and Harmony SaaS.
Shvid’s total salary increased to approximately 17.9 million in capital compensation over the past year.
Currently employing around 6,450 people with almost half working in marketing, sales and business development roles, Check Point’s stock price is currently at $161 per share with a market value of $18.2 billion.
The market is now waiting for Check Point’s forecast for the next quarter as analysts anticipate adjusted profit of $2