Check Point Software beats earnings expectations as Israel-based cybersecurity company sees business operate 'as planned'

Israel-based cybersecurity company Check Point Software Technologies Ltd. (CHKP) reported Monday third-quarter profit and revenue that rose above expectations, and said its business has operated "as planned" despite the Hamas-Israel war. The stock was still inactive in the premarket. Net income increased to $205 million, or $1.75 a share, from $184 million, or $1.47 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.07 beat the FactSet consensus of $2.02. Revenue grew 3.2% to $596.3 million, above the FactSet consensus of $591.8 million. Products and licenses and security subscriptions revenue rose 4.2% to $362.5 million and software updates and maintenance revenue was up 1.8% at $233.8 million. The stock has gained 0.8% over the past three months, while the S&P 500 has dropped 10.1%.

-Tomi Kilgore

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10-30-23 0614ET

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