Israeli cyber security solutions provider Check Point Software Technologies (Nasdaq: CHKP), reported financial results for Q3, beating market expectations. The company’s profit and revenue have once again surpassed projections, despite the current economic climate.
Check Point topped forecasts by reporting sales of $578 million for the third quarter of 2022, an increase of 8.2% over the same period of 2021. The $1.47 GAAP earnings per share (EPS) also beat the analyst consensus estimate by 5%.
The total revenue for the first three-quarters of the year reached $1.69 billion, an increase of 7.9% compared to the same period in 2021. All the company’s business segments -security subscriptions, products and licenses, software updates, and maintenance -saw an increase in revenue.
Gil Shwed, Founder and CEO said the following, “We delivered strong third quarter results reflecting solid execution during the quarter. Revenues came in toward the high-end of our projections, while non-GAAP EPS exceeded projections. Product and Security Subscription revenues increased by thirteen percent driven by double-digit growth in Harmony, CloudGuard and Quantum network security gateways”.