Israeli cyber security company Check Point beats profit estimate

Check Point Software Technologies CHKP on Thursday reported a higher than expected profit for the first quarter, helped by double-digit growth in its AI-powered security platform, which constituted more than 13% of total revenue.

The Israeli-based company said it earned $2.04 per diluted share excluding one-off items in the January-March quarter, up 13% from a year earlier. Revenue grew 6% to $599 million.

It was forecast to earn $2.00 a share on revenue of $594.88 million, according to LSEG data.

For the second quarter, the company projected revenue of $607-$637 million and adjusted EPS of $2.10-$2.20, in line with analyst estimates.

It did not change its 2024 projection for revenue of $2.48-$2.63 billion and adjusted EPS of $8.7-$9.3.

Check Point said it bought back about 2 million shares in the quarter, worth $325 million, as part of an ongoing $2 billion share buyback programme.