Israeli cyber security company Check Point beats quarterly profit estimate, ET Telecom

JERUSALEM: Check Point Software Technologies 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.

Check Point said it bought back about 2 million shares in the quarter, worth $325 million, as part of its ongoing $2 billion share buyback programme.