Profit revenue

Check Point Software second-quarter earnings, better revenue forecast

JERUSALEM, August 1 (Reuters)Check Point Software Technologies CHKP.O beat estimates with a 2% profit gain in the second quarter, boosted by double-digit revenue growth from products and subscriptions to protect the cloud and other networks from cyberattacks.

Israel-based Check Point said Monday it earned $1.64 per diluted share excluding special items for April through June, up from $1.61 a year earlier. Revenue increased 9% to $571 million. In 2021, the company surpassed $2 billion for the second year in a row.

It was expected to earn $1.62 per share on revenue of $560 million, according to I/B/E/S data from Refinitiv.

“In the last quarter, cyberattacks increased by 32%, while advanced attacks such as ransomware increased by 59%, underscoring why cybersecurity is so critical to making our world work,” said CEO Gil Shud.

“Our strategic vision of a consolidated security architecture focused on prevention is more relevant than ever to combating today’s cyber challenges.”

Check Point said it repurchased 2.6 million shares during the quarter, worth $325 million, under its share buyback program.

(Reporting by Steven Scheer; Editing by Jan Harvey)

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