Check Point Software's Q3 Results in Line with Expectations, Revenue Up 7% Year-Over-Year

REDWOOD CITY, Calif. - Check Point Software Technologies Ltd. (NASDAQ:CHKP) announced its third quarter financial results, meeting analysts' expectations. The company's revenue increased by 7% year-over-year.
The cybersecurity firm reported adjusted earnings of $2.25 per share, aligning with Wall Street forecasts. Revenue amounted to $635 million, slightly above the consensus estimate of $634.98 million. This marks a 7% increase from the $596 million in revenue reported during the same period last year.
"Check Point achieved great third quarter financial results supported by double-digit growth of the Infinity Platform," said Gil Shwed, founder and CEO of Check Point. "This success is highlighted by double-digit revenue growth from Harmony Email and Infinity Global Services."
Security subscription revenues grew by 12% year-over-year, reaching $277 million. Product and license revenue increased by 4% to $119 million.
The company's non-GAAP operating income was $274 million, accounting for 43% of revenue. This result is comparable to the $269 million, or 45% of revenue, achieved in the third quarter of 2023.
During the quarter, Check Point acquired external risk management solutions provider Cyberint Ltd. for a net cash consideration of $186 million. The company also repurchased approximately 1.79 million shares at a total cost of $325 million.
Check Point completed the quarter with $2.87 billion in cash and marketable securities.