Israeli cyber security company Check Point beats quarterly profit estimate (updated)

Check Point Software Technologies

25/04/2024 10:28

(Adds details on share buyback and previous LSEG forecast)
       JERUSALEM, April 25 (Reuters) - 
    Check Point Software Technologies  CHKP.O  on Thursday
reported a higher than expected profit for the first quarter,
helped by double-digit growth in its AI-powered security
platform, which constituted more than 13% of total revenue.
  
        The Israeli-based company said it earned $2.04 per
diluted share excluding one-off items in the January-March
quarter, up 13% from a year earlier. Revenue grew 6% to $599
million.
  
        It was forecast to earn $2.00 a share on revenue of
$594.88 million, according to LSEG data.
  
        Check Point said it bought back about 2 million shares
in the quarter, worth $325 million, as part of its ongoing $2
billion share buyback programme.
  

 (Reporting by Ari Rabinovitch
Editing by David Goodman/Mark Heinrich)
 ((ari.rabinovitch@thomsonreuters.com;  +972-2-632-2202; Reuters
Messaging: ari.rabinovitch@thomsonreuters.com@reuters.net))