Israeli cybersecurity company Check Point Software Technologies Ltd. (Nasdaq: CHKP) beat the analysts in the fourth quarter of 2020 and ended the year with more than $2 billion in revenue, up 3.5% from 2019, while non-GAAP profit rose 3.2% in 2020.
In the fourth quarter of 2020, Check Point reported revenue of $564 million, up 3.7% from the corresponding quarter of 2019. Fourth quarter GAAP net profit was $271 million, down 0.6% from the corresponding quarter of 2019. Non-GAAP net profit in the fourth quarter was $301 million, slightly higher than the corresponding quarter of 2019 and earnings per share was $2.17, $0.06 above the analysts' forecasts.
Annual revenue in 2020 was $2.06 billion and GAAP net profit was $847 million, up 2.5% from 2019. Non-GAAP net profit was $963 million, up from $933 million in 2019 and earnings per share was $6.78.
Check Point founder and CEO Gil Shwed said, "We are pleased with our fourth quarter and full year 2020 financial results. Business in our fourth quarter grew across all focus areas including cloud, network and remote access security with subscriptions revenue growth of 10% and non-GAAP EPS growth of 11% year over year. This reflects the continued execution of our strategy and the importance of cyber security during these unprecedented times. The global pandemic drove the new normal, a hybrid work environment and accelerated digital transformation that created security challenges across all types of organizations. The Infinity security platform enables the prevention of Gen V cyber-attacks across all major attack vectors. Delivering cyber security is now more critical than ever and I would like to thank our customers, partners and employees for making that happen."
Published by Globes, Israel business news - en.globes.co.il - on February 3, 2021
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