TEL AVIV, Jan 30 (Reuters) - Network security provider Check Point Software Technologies reported quarterly net profit that beat expectations, boosted by higher security subscriptions.
Check Point earned $1.68 per diluted share excluding one-time items in the fourth quarter, up from $1.58 a year earlier. Revenue grew 4 percent to a record $526 million, the Israel-based company said on Wednesday.
It was forecast to earn $1.63 a share on revenue of $517.4 million, according to I/B/E/S data from Refinitiv.
“Our security subscriptions business continued to increase, driven by cloud, mobile and zero-day advanced threat prevention technologies,” Chief Executive Gil Shwed said, noting the firm started 2019 with two new appliances and a new product line.
Check Point said it bought back 2.8 million shares worth $305 million as part of its share repurchase programme. (Reporting by Steven Scheer)