Israeli cybersecurity company Check Point Software Technologies Ltd. (Nasdaq: CHKP) beat the analysts on its first quarter results which it published today. The company reported revenue of $452 million in the first quarter of 2018, up 3.9% from the corresponding quarter of 2017. GAAP net profit was $187 million, up 2.5% and non-GAAP net profit was $210 million, up 4.2% from the corresponding quarter of 2017. Earnings per share was $1.30, $0.02 higher than the analysts' consensus.
However, the company saw its share price tumble 7.5% on Nasdaq to $95.50, giving a market cap of $15.6 billion, after lowering its revenue guidance by 2% for 2018 to $1.85-1.93 billion from the previous estimate of $1.9-2.1 billion. Non-GAAP EPS has been lowered to $5.45-5.75 from $5.50-5.90.
There was a handsome rise in cash flow from operations to $419 million, an 18% increase year over year and the company had $4.009 billion cash as of March 31.
Check Point CEO Gil Shwed said, "The global cyber threat landscape is becoming increasingly sophisticated. Attacks are now in their 5th generation, while 97 percent of enterprises are not prepared for these attacks and remain primarily focused on protections for 2nd or 3rd generation attacks."
Check Point's share price rose 0.11% yesterday to $102.91, giving a market cap of $16.82 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on April 25, 2018
© Copyright of Globes Publisher Itonut (1983) Ltd. 2018
Published by Globes [online], Israel business news - www.globes-online.com - on April 25, 2018
© Copyright of Globes Publisher Itonut (1983) Ltd. 2018