SECURITY
SECURITY
SECURITY
Check Point delivers quarterly earnings beat with 6% revenue growth and strong billings
Shares in Check Point Software Technologies Ltd. rose more than 7% in regular trading today after the cybersecurity company impressed investors with earnings and revenue beats in its fiscal 2024 fourth quarter.
For the quarter that ended on Dec. 31, Check Point reported adjusted earnings per share of $2.70, up from $2.57 in the same quarter of last year, on revenue of $704 million, up 6% year-over-year. Analysts had expected $2.65 per share on revenue of $698.43 million. For the full year, Check Point saw adjusted earnings per share of $9.16, up 9% year-over-year and revenue of $2.565 billion, up 6% year-over-year.
Calculated billings in the quarter came in at $959 million, up 11% year-over-year, and the company’s remaining performance obligations rose 12%, to $2.5 billion. Product, license and subscription revenue rose 6%, to $463 million.
For the full year, calculated billions came to $.2658 billion, up 9% year-over-year, and security subscription revenue came in at $1.104 billion, up 13%.
As of the end of December, Check Point has $2.784 billion in cash, marketable securities and short-term deposits, down from $2.96 billion. The decrease was the result of the $186 million Check Point paid to acquire Cyberint Technologies Ltd. in August.
Additionally, the fourth quarter also saw Check Point repurchase approximately 1.7 billion shares at a total cost of $325 million. The share repurchase took the total number of shares repurchased by Check Point through the year to 7.7 million at a cost of approximately $1.3 billion.
“The success in the quarter was underscored by strong 8% revenue growth in our core Quantum Force appliance business, our industry-leading Harmony E-mail solution and expanded adoption of the Infinity platform,” said co-founder and Chairman Gil Shwed.
Check Point did not provide an outlook for the first quarter or full fiscal year 2025. However, Chief Executive Nadav Zafrir noted that “after a successful fourth quarter and 2024, we are starting 2025 with an expanded executive team to balance our corporate and go-to-market leadership roles and bring even more attention to customer-facing functions.”
Photo: Wikimedia
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