Check Point beats analysts on Q3 profit and revenue

Gil Shwed  photo: Tamar Matsafi

The Israeli cybersecurity company's non-GAAP net profit earnings per share (EPS) was $1.64, while the analysts had predicted EPS of $1.53.

Israeli cybersecurity company Check Point Software Technologies Ltd. (Nasdaq: CHKP) has published its financial results for the third quarter of 2020, in which it beat the analysts' forecasts. Check Point itself had given no guidance due to the economic uncertainty created by Covid-19.

Check Point reported revenue of $509 million in the third quarter of 2020, up 3.7% from the corresponding quarter of 2019, and non-GAAP net profit earnings per share of $1.64, while the analysts had predicted revenue of $504 million in the third quarter and non-GAAP net profit earnings per share of $1.53.

GAAP net profit in the third quarter of 2020 was $201 million compared with $188 million in the corresponding quarter of 2019. Non-GAAP net profit was $231 million, up 6.5% from the corresponding quarter of 2019.

Check Point founder and CEO Gil Shwed said, "We executed well in the third quarter and delivered another successful virtual quarter. Revenues grew in all key areas with security subscriptions growing by 10 % and EPS grew by 14 % year over year. We saw expanded customer adoption of Quantum Network Gateways, CloudGuard, Infinity Total Protection and Beyond the Perimeter (BTP) - endpoint and mobile security solutions. We expanded our Secure Access Service Edge (SASE) offering during the quarter with the acquisition of Odo Security, a new cloud-based technology that delivers the next generation of secure remote access to enterprises. I would like to thank our customers, partners and employees for their commitment and contributions during these times."

Published by Globes, Israel business news - en.globes.co.il - on October 22, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Gil Shwed  photo: Tamar Matsafi
Gil Shwed photo: Tamar Matsafi
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018