Israel cybersecurity company Check Point Software Technologies (Nasdaq: CHKP) has opened 2022 with a positive first quarter in which it beat the analysts' forecasts and was at the higher end of its own expectations.
Check Point's revenue in the first quarter was $543 million, up 6.9% from the corresponding quarter of 2021. But GAAP net profit was $169 million, down 7.4% from $183 million in the corresponding quarter of 2021. Non-GAAP net profit was $204 million, down from $211 million in the first quarter of 2021 but earnings per share in the first quarter of 2022 rose 2% to $1.57 from $1.54 in the first quarter of 2021.
At the end of the first quarter of 2022, Check Point had $398 billion in cash after cash flow operations of $398 million in the first quarter of 2022, up 6.1% from the corresponding quarter of 2021.
Check Point founder and CEO Gil Shwed said, "We had an excellent first quarter. Total revenues and earnings per share reached the high-end of our projections. We had strong product demand in our Quantum family and continued strength in our CloudGuard and Harmony products. The global escalation of cyber-attacks is making companies rethink the dated approach of disparate point solutions and they are transitioning to a more unified approach to prevent the next cyber pandemic. Our customers continue to adopt more of our technologies and consolidate their security infrastructure with our Infinity architecture."
Check Point's share price is down 3.03% on Nasdaq at $131.39, giving a market cap of $16.832 billion.
Published by Globes, Israel business news - en.globes.co.il - on April 27, 2022.
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