Israel Cybersecurity Society Check Point Software Technologies (Nasdaq: CHKP) opened 2022 with a positive first quarter in which it beat analysts’ forecasts and was at the high end of its own expectations.
Check Point’s first-quarter revenue was $543 million, up 6.9% from the corresponding quarter of 2021. But GAAP net income was $169 million, down 7.4% compared to $183 million in the corresponding quarter of 2021. Non-GAAP net income was $204 million. , down from $211 million in the first quarter of 2021, but earnings per share in the first quarter of 2022 increased 2% to $1.57 from $1.54 in the first quarter of 2021.
At the end of the first quarter of 2022, Check Point had $398 billion in cash after cash operations of $398 million in the first quarter of 2022, up 6.1% compared to the corresponding quarter of 2021.
Check Point Founder and CEO Gil Shwed said, “We had a great first quarter. Total revenue and earnings per share reached the top of our projections. We had strong product demand in our Quantum family and continued strength in our CloudGuard and Harmony products. . The global escalation of cyberattacks is forcing businesses to rethink the outdated approach of disparate point solutions and they are moving to a more unified approach to prevent the next cyberpandemic. Our customers continue to adopt more of our technologies and consolidate their security infrastructure with our Infinity Architecture.”
Check Point’s stock price is down 3.03% on the Nasdaq at $131.39, giving a market capitalization of $16.832 billion.
Published by Globes, Israel business news – en.globes.co.il – on April 27, 2022.
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