April 18, 2019 / 9:02 AM / a month ago

Check Point Software Q1 profit tops estimates

TEL AVIV, April 18 (Reuters) - Network security provider Check Point Software Technologies reported quarterly net profit that beat expectations, boosted by higher security subscriptions.

Check Point earned $1.32 per diluted share excluding one-time items in the first quarter, up from $1.30 a year earlier. Revenue grew 4 percent to $472 million, the Israel-based company said on Thursday.

It was forecast to earn $1.31 a share on revenue of $471.1 million, according to I/B/E/S data from Refinitiv.

“We had good results in the first quarter with 13 percent growth in our security subscriptions including advanced solutions for cloud and mobile,” Chief Executive Gil Shwed said, noting the company launched a series of new products in the quarter.

Check Point said it bought back 2.7 million shares worth $305 million as part of its share repurchase programme. (Reporting by Tova Cohen Editing by Steven Scheer)

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