Check Point Exceeds Expectations and Forecasts in Latest Quarterly Report

Check Point, an Israeli cyber security company, has reported impressive financial results in its latest quarterly report. The company exceeded analysts’ expectations by reporting adjusted earnings per share of $2.04, a 13% increase compared to the previous quarter, on revenues of $598.8 million, a 6% increase. Analysts had predicted a profit of $2 per share on revenue of $594.9 million.

In addition to exceeding analysts’ expectations, Check Point also surpassed its own forecast, expecting adjusted profit of $2 on revenues of $592.5 million for the quarter. For the full year, Check Point expected revenue growth of about 6% to a range of $2.475-2.625 billion and a net profit of $8.7-9.3 per share.

The market is now waiting for the company’s forecast for the next quarter. Analysts anticipate adjusted profit of $2.16 per share on revenues of $623.3 million for the second quarter.

Despite strong financial performance, Check Point’s cash reserves decreased to $3.04 billion compared to the previous quarter, and its cash flow was lower at $361 million due to its buyback activities worth over $300 million.

Founder and CEO Gil Shvid expressed his satisfaction with the company’s performance during this interview while highlighting strong growth in Infinity Platform contracts and the launch of new technologies like Quantum Force and Harmony SaaS.

Shvid’s total salary increased to approximately 17.9 million in 2023 due to capital compensation, while Check Point employs around 6,450 people with nearly half in marketing, sales, and business development roles.

Check Point’s stock price has seen a 20.5% jump in 2023 and continues to rise in 2024 as investors remain optimistic about its future prospects.

As we look forward to what is ahead for Check Point in QQII’17/QI’18