Israel's Check Point Software third-quarter profit tops estimates

Reuters News
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Posted: Oct 31, 2016 6:14 AM

TEL AVIV (Reuters) - Network security provider Check Point Software Technologies <CHKP.O> reported quarterly profit that beat expectations as customers increasingly focus on preventing cyber attacks.

Check Point earned $1.13 per diluted share excluding one-time items in the third quarter, up from $1.04 a year earlier. Revenue grew 6 percent to $428 million, the Israel-based company said on Monday.

It was forecast to earn $1.08 a share on revenue of $423 million, according to Thomson Reuters I/B/E/S.

"Customers continue to leverage the Check Point security platform and increase their adoption of our advanced security capabilities, which is resulting in higher subscription revenues," said Chief Executive Gil Shwed. "Cyber attacks are continuing to increase and the level of sophistication keeps rising."

Check Point acquired two Israeli companies last year, cybersecurity start-up Hyperwise and Lacoon Mobile Security.

(Reporting by Tova Cohen; Editing by Steven Scheer)