Israeli-based Check Point Software Technologies reported its earnings for the first fiscal quarter on Monday, beating Wall Street estimates. Forecast to earn $1.74 a share on revenue of $569 million by data from Refinitiv, the company earned $1.80 per diluted share; a 15% rise from the $1.57 per diluted share a year earlier.
Chief executive Gil Schwed told reporters that the company performed well considering the challenging market environment it faces. “We are facing a pretty challenging market,” Schwed explained. “Customers are not rushing to refresh products and start new projects in this climate. Despite that, we managed to win many other projects.”
The security software company’s subscription revenue for the quarter rose 13% to $228 million. One business that performed notably well was its consolidated Infinity platform, which grew by 140% from January through March.
Check Point revealed that it bought back 2.6 million shares during the first quarter, worth $325 million. This was one phase of the company’s 2 billion share repurchase program.