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By Dhirendra Tripathi
Investing.com – Check Point Software (NASDAQ:CHKP) shares were up a little over 1% in Monday’s premarket as the company’s first quarter performance indicated the company is well positioned to gain from the opportunities in the aftermath of the pandemic.
Check Point’s shares, at Friday’s close, were 16% off their 52-week high of $139.25.
The cyber security solutions provider saw growth in all its business segments including Cloud, network and remote access security with subscriptions revenue growth of 10%.
A company filing pointed out to increased cyber security threats thrown up by the pandemic – first as organizations shifted to work-from-home and then as vaccinations rolled out – both situations exploited by hackers to steal data.
Researchers found fake vaccination certificates and negative COVID-19 tests being offered on the Darknet, in addition to a sharp increase in the number of advertisements selling alleged coronavirus vaccines, the filing said.
For the company’s first quarter ended March, total revenue rose 4% year-on-year to $508 million. Non-GAAP EPS rose 9% to $1.54. Both revenues and non-GAAP EPS grew towards the high end of the company’s guidance.