Check Point reports higher profit despite weakness in US

Gil Shwed

Gil Shwed: We had good financial results but more important is the message that the world must move ahead to 5G cybersecurity, and we are bringing those solutions.

Israeli IT security company Check Point Software Technologies Ltd. (Nasdaq: CHKP) beat the analysts' profit forecast for the fourth quarter of 2017 despite weak operations in the US, it main market, and despite the weakness of the US dollar.

In the fourth quarter of 2017 Check Point reported revenue of $506 million, up 4% from the corresponding quarter of 2016 and full year revenue of $1.85 billion, up 6.5% from 2016.

Non-GAAP net profit was $259 million compared with $247 million in the fourth quarter of 2016. Non-GAAP earnings per diluted share were $1.58 compared with $1.46 in the fourth quarter of 2016, an 8% increase year over year.

Check Point CEO and founder Gil Shwed said, "We had good financial results but more important is the message that the world must move ahead to 5G cybersecurity, and we are bringing those solutions."

Published by Globes [online], Israel business news - www.globes-online.com - on January 31, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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