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Check Point reports another strong quarter

Gil Shwed Photo: Tamar Matsafi
Gil Shwed Photo: Tamar Matsafi
3 Feb, 2022 12:57
שלח תגובה במיילShiri Habib-Valdhorn

The Israeli data security company beat the analysts' expectations in both revenue and profit.

Israeli data security company Check Point Software Technologies (Nasdaq: CHKP) ended 2021 with a strong fourth quarter in which it beat the analysts' expectations in both revenue and profit and exceeded its own profit forecast from the preceding quarter.

Check Point's revenue in the fourth quarter amounted to $599 million, up 6.3% from the corresponding quarter of 2020, and above the analysts' consensus of $584 million. Non-GAAP earnings per share was $2.25, $0.13 above the analysts' expectations.

Revenue rose in all sectors. GAAP net profit was $260 million, down from $271 in the corresponding quarter of 2020 and non-GAAP net profit was $294 million, down from $301 million in the corresponding quarter of 2020. Nevertheless earnings per share rose because of the reduction in the number of shares because of Check Point's buy-back program. During the fourth quarter Check Point bought shares for $325 million at an average price of $116 million. Today's share price cis $123, giving a market cap of $16.4 billion.

At the end of the fourth quarter of 2021, Check Point had $3.8 billion in cash. Earlier this week Check point announced it is buying Israeli startup Spectral for an estimated $60 million.

2021 full year revenue was $2.17 billion, up 4.9% from 2020. GAAP net profit was $816 million compared to $847 million in 2020. GAAP earnings per diluted share were $6.08 compared to $5.96 in 2020, up 2%. Non-GAAP net profit was $942 million compared with $963 million in 2020. Non-GAAP earnings per diluted share were $7.02 compared with $6.78 in 2020, up 4%.

Check Point founder and CEO Gil Shwed said, "We closed 2021 with strong financial results. Our success continues to be driven by our Infinity platform’s capabilities and the unique strengths of our key pillars: Check Point Quantum network security solutions, Check Point Harmony and Check Point CloudGuard. We began 2022 with initiatives focused on driving growth."

Published by Globes, Israel business news - en.globes.co.il - on February 3, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Gil Shwed Photo: Tamar Matsafi
Gil Shwed Photo: Tamar Matsafi
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