Check Point Software Technologies, an Israeli-based cybersecurity company, has announced a higher than expected Q1 profit due to increasing demand for its products in the face of growing cyber attacks.
The company’s solid growth over the first quarter was attributed to its consolidated cybersecurity platform that prevents attacks across networks, mobile and cloud. Despite the challenging market conditions that began last November, the demand for security has remained high due to the increasing number and sophistication of cyber attacks.
Check Point’s security subscription revenue rose by 13% to $228 million, while its consolidated Infinity platform grew by 140% in the quarter. The company maintained its 2023 revenue estimate of $2.34-$2.51 billion and earnings per share of $7.70-$8.30.
In addition, Check Point projected revenue of $570-$605 million and adjusted earnings per share of $1.85-$1.95 for Q2. The company’s CEO, Gil Shwed, expressed concern about tightening spending across the marketplace, but noted that with $3.6 billion in cash, the company was poised to take advantage of the industry’s consolidation.