2023-12-20 21:32:00
Check Point Exceeds Analysts’ Forecast with Strong Third Quarter Performance
In its latest report, Check Point has surpassed analysts’ forecasts with strong performance in the third quarter. The cyber company reported revenues of $596.3 million, a significant increase from $577.6 million in the corresponding quarter. This represents a 35% increase and exceeds the analysts’ forecast of $592 million.
The revenue from security subscriptions also saw a notable increase, reaching $248 million, up 15% year over year. Additionally, deferred revenues, which indicate future growth and serve as a type of forward order backlog, increased by 4% to $1.709 billion.
Adjusted operating profit for the quarter amounted to $269 million, which is an impressive 45% of total sales. Earnings per share also performed well, reaching $2.07 per share, surpassing the market’s expected $2.02 per share.
In light of these positive results, Check Point has updated its revenue forecast to $636-686 million and its earnings per share forecast to $2.35-2.55.
“We are pleased with our strong performance in the third quarter,” said Gil Shoid, the CEO of Check Point. “We experienced significant growth in both earnings per share and revenues from security subscriptions, with earnings per share reaching an all-time high.”
Shoid also highlighted the company’s recent acquisitions, completing three in the last 60 days. These acquisitions underscore Check Point’s leadership in the complete security platform, with the acquisition of Perimeter 81 providing a single-vendor SASE solution that offers twice the speed of competitive solutions while maintaining industry-leading preventative security measures.
Even amidst recent tragic events in Israel, Check Point’s global business continued to operate as planned thanks to the dedication of its employees. The company introduced innovative new products, completed acquisitions, and continued to provide the highest level of protection and service to its customers and partners.
Check Point expressed gratitude for the incredible support received from employees, customers, partners, and the investment community during this challenging period.
In light of their strong performance in the third quarter, Check Point is well-positioned for continued success in the cybersecurity industry.
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