Israeli cybersecurity company Check Point beat the analysts' expectations in the third quarter of 2021 and its own guidance with revenue of $534 million and non-GAAP earnings per share of $1.65.
Revenue in the third quarter of 2021 was 4.9% higher than the corresponding quarter of 2020 and the rate of growth was higher than in preceding quarters. Revenue from sales of products and licenses was down 0.9% to $119 million but revenue from subscriptions grew 12.6% to $190 million.
Check Point's GAAP net profit in the third quarter of 2021 was $187 million, down from $201 million in the corresponding quarter of 2020, due to a rise in operational expenses and a fall in financial revenue. Non-GAAP net profit was $220 million, down 4.8% from the corresponding quarter of 2020, and earnings per share of $1.65 was $0.05 above the analysts' consensus.
Check Point founder and CEO Gil Shwed said, "Third quarter results were strong and reflect solid execution during the quarter. Revenues came in toward the high-end of our projections and Non-GAAP earnings per share exceeded projections. Subscription revenues increased by 13% driven by triple-digit growth in Infinity platform sales and double-digit growth in Harmony and CloudGuard. During the quarter we further expanded the Infinity platform with the acquisition of Avanan, the fastest growing cloud email and collaboration security company to address the most vulnerable attack vector - malware delivered through email."
Published by Globes, Israel business news - en.globes.co.il - on October 28, 2021.
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