HomeTechnologyCheck Point Software Beats Q1 Earnings Estimates

Check Point Software Beats Q1 Earnings Estimates

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.

Kroger and Albertsons to Sell More Stores in Attempts to Get Merger Approval

Kroger and Albertsons have announced plans to sell more stores in an attempt to get the green light for their $25 billion merger. Kroger reached...

Stocks Continue Slide as Israel-Iran Tension Ensues

Stocks on the New York Stock Exchange continued their drop-off on Friday as investor anxiety rose following Israel's retaliatory strike against Iran. Market composure...

United Airlines Stock Jumps 14% After Strong Q1 Results and Optimistic Projections for Q2

Following a strong first-quarter earnings report, United Airlines saw its stock jump 14% on Wednesday. Investors were also intrigued by the company’s optimistic projections...