Check Point, an Israeli cybersecurity company, has surpassed analysts’ expectations in its latest financial report. The company reported adjusted earnings per share of $2.04, a 13% increase compared to the previous quarter, on revenues of $598.8 million, a 6% increase. Analysts had predicted a profit of $2 per share on revenue of $594.9 million.
Check Point also exceeded its own forecast for the quarter, expecting adjusted profit of $2 on revenues of $592.5 million. For the full year, the company expected revenue growth of about 6% to a range of $2.475-2.625 billion and a net profit of $8.7-9.3 per share. Analysts projected earnings per share of $9.07 on revenues of $2.56 billion for the year.
The market is now waiting for the company’s forecast for the next quarter, with analysts anticipating adjusted profit of $2.16 per share on revenues of $623.3 million.
Despite this positive news, Check Point’s cash reserves decreased to $3.04 billion compared to the previous quarter, and its cash flow was lower at $361 million due to the lack of dividend distribution to investors.
Founder and CEO Gil Shvid expressed his satisfaction with the company’s performance during this time period and highlighted strong growth in Infinity Platform contracts and new technology launches like Quantum Force and Harmony SaaS.
Currently, Check Point’s stock price stands at approximately $161 per share with a market value of over 18 billion dollars.
In just one year, Shvid’s total salary increased significantly from around 17 million to nearly 18 million dollars due mostly to capital compensation.
With over 6 thousand employees worldwide – almost half in marketing, sales, and business development roles – Check Point continues to thrive as a major player in cybersecurity industry with its stock experiencing an impressive 20 percent jump in value throughout last year alone.