Shares of Check Point Software Technologies Ltd. declined more than 6% today after the company posted mixed financial results for the first quarter.

Check Point is one of the world’s largest cybersecurity companies. Its products help organizations secure their networks, cloud infrastructure and employee devices. For on-premises data centers, it offers a line of firewall appliances.

The company generated an adjusted operating income of $238 million in the three months ended March 31. That translates into adjusted earnings of $1.80 per share, a 15% year-over-year increase. Check Point topped the Zacks consensus estimate, which projected adjusted earnings of $1.74 per share. 

The company’s revenue growth, in contrast, fell short of analyst expectations. It reported today that its sales grew 4% year-over-year, to $566 million, in the three months through March 31. It missed the Zacks consensus revenue estimate by less than one percent.

Check Point’s subscription business grew faster than its top line. The business generated $228 million in revenue during the first quarter, 13% more than the same time 12 months earlier. It attributed the growth to strong demand for its CloudGuard and Harmony e-mail security products.

CloudGuard helps companies protect their on- and on-premises infrastructure against cyberattacks. It can detect malware, as well as spot vulnerable configuration settings. CloudGuard is also capable of scanning the custom software that a company develops internally for potential security issues. 

The other product line that helped drive the growth of Check Point’s subscription business is Harmony. It’s a suite of applications designed to protect employee devices from hacking attempts. During the first quarter, Check Point logged strong customer demand for the Harmony suite’s e-mail security module, which blocks malicious attachments and phishing campaigns.

Another bright spot in the company’s earnings report was its Infinity offering. The offering enables customers to buy multiple Check Point products through a single license, which simplifies procurement and can reduce costs. The company revenue from Infinity more than doubled year-over-year in the first quarter.

“The economic slowdown has resulted in extended product sales cycles, while recurring revenues were healthy and reached over 80% of total revenues for the first time,” said founder and Chief Executive Officer Gil Shwed. “Our Infinity platform revenue grew over 140% during the quarter, underscoring the strength of the platform as the future of cybersecurity.”

Check Point’s deferred revenue, a metric that measures future revenue from existing customer contracts, reached $1.79 billion during the quarter. That represents a 8% year-over-year improvement.

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