Israeli cybersecurity solutions company Check Point Software Technologies Ltd. (Nasdaq: CHKP) has reported positive financial results for the third quarter of 2023. Revenue in the third quarter was $596 million, up 3% from the corresponding quarter of 2022. In the first nine months of the year, revenue was $1.75 billion, up 3.5% from the corresponding period of 2022.
GAAP net profit in the third quarter was $205 million, up 11.4% from the corresponding quarter of 2022. In the first nine months of the year GAAP net profit was $591 million, up 12.2% from the corresponding quarter of 2022.
Non-GAAP net profit was $242 million in the third quarter of 2023 and earnings per share was $2.07, $0.05 above the analysts' expectations. In the first nine months of the year, non-GAAP net profit was $699 million, with earnings per share of $5.86.
At the end of the third quarter, Check Point had cash of $3 billion after the acquisition of Perimeter 81 for $500 million.
Check Point's share price fell 0.48% yesterday on Wall Street to $131.84, giving a market cap of $15.424 billion. The share price has fallen 3.8% since the start of the Israel-Hamas war but is up 4.5% since the start of 2023. The share price is currently down 2.09% in premarket trading.
Check Point CEO Gil Shwed said, "Our third quarter performance was strong, marked by a 17% increase in earnings per share and a 15% rise in security subscriptions revenues."
He added, "Despite the tragic events in Israel over the past three weeks our global business has continued to operate as planned thanks to the commitment and dedication of our employees. We introduced innovative new products, completed acquisitions, and continued to deliver the highest level of protection and service to our customers and partners. During this period, we’ve received incredible support from our employees, customers, partners, and the investment community. We truly appreciate you standing with us."
Published by Globes, Israel business news - en.globes.co.il - on October 30, 2023.
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