Check Point Software Q2 profit, revenue top forecasts
JERUSALEM, Aug 1 (Reuters) - Check Point Software Technologies beat estimates with a 2% gain in second-quarter profit, boosted by double-digit growth in revenue from products and subscriptions to protect cloud and other networks from cyber attacks.
Israel-based Check Point on Monday said it earned $1.64 per diluted share excluding one-off items in the April to June period, up from $1.61 a year earlier. Revenue grew 9% to $571 million. The company in 2021 topped $2 billion for a second straight year.
It was forecast to earn $1.62 a share on revenue of $560 million, according to I/B/E/S data from Refinitiv.
"Over the past quarter, cyber-attacks have increased by 32%, while advanced attacks like ransomware have grown by 59%, underscoring why cyber-security is so critical to keep our world going," said Chief Executive Gil Shwed.
"Our strategic vision of a consolidated prevention-first security architecture is more relevant than ever to combat today’s cyber challenges."
Check Point said it bought back 2.6 million shares in the quarter, worth $325 million, as part of its share repurchase programme. (Reporting by Steven Scheer; Editing by Jan Harvey)
