Check Point Software Q1 profit beats estimates

Reuters News
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Posted: Apr 23, 2012 5:59 AM
Check Point Software Q1 profit beats estimates

TEL AVIV (Reuters) - Internet and network security provider Check Point Software Technologies <CHKP.O> reported higher first-quarter net profit that beat estimates on Monday, boosted by sales growth and new products.

The Israel-based company posted quarterly earnings per share excluding one-time items of 74 cents a share, compared with 64 cents a year earlier. Revenue grew 11 percent to $313.1 million.

It was forecast to have earned 72 cents on revenue of $312.8 million, according to Thomson Reuters I/B/E/S.

"The growth was driven by our latest network security appliances and the continued strength of our annuity software blades," said Gil Shwed, chairman and chief executive officer.

Last week, Check Point launched its ThreatCloud product, a collaborative network to help businesses team up and fight cyber crime more efficiently by sharing data about threats.

Its Nasdaq shares closed at $64.05 on Friday, just shy of a year high of $65 reached last Thursday.

(Reporting by Tova Cohen; Writing by Steven Scheer)