Israeli cyber security company Check Point beats profit estimate
Adds company estimates in paragraphs 4-5
JERUSALEM, April 25 (Reuters) -Check Point Software Technologies CHKP.O on Thursday reported a higher than expected profit for the first quarter, helped by double-digit growth in its AI-powered security platform, which constituted more than 13% of total revenue.
The Israeli-based company said it earned $2.04 per diluted share excluding one-off items in the January-March quarter, up 13% from a year earlier. Revenue grew 6% to $599 million.
It was forecast to earn $2.00 a share on revenue of $594.88 million, according to LSEG data.
For the second quarter, the company projected revenue of $607-$637 million and adjusted EPS of $2.10-$2.20, in line with analyst estimates.
It did not change its 2024 projection for revenue of $2.48-$2.63 billion and adjusted EPS of $8.7-$9.3.
Check Point said it bought back about 2 million shares in the quarter, worth $325 million, as part of an ongoing $2 billion share buyback programme.
Reporting by Ari Rabinovitch; editing by David Goodman and Mark Heinrich
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