Check Point Q1 Revenue Up 4% To Reach $472 Mn

Internet security expert Check Point has announced its financial results for the Q1 ended March 31, 2019. The firm has posted revenues of $472 million, an increase of 4% over the same period a year ago. In Q1, 2018 the firm’s revenue was $452 million.

“We had good results in the first quarter with 13 percent growth in our security subscriptions including advanced solutions for Cloud and Mobile as well as SandBlast Zero day threat prevention,” said Gil Shwed, Founder and CEO of Check Point Software Technologies. “During the quarter we launched a series of new products, including Maestro which provides cloud-grade elasticity and resiliency for networks, and the 6000 series security appliances that are optimized for prevention of Gen V threats. Additionally, the Infinity Gen V security platform demonstrated solid traction in the quarter and drove new customer acquisition.”

The firm’s net profit for the reported period was $180 million as against $187 million for the corresponding period a year back.

Some other key points of the Q1 results :

  • GAAP Operating Income: $206 million compared to $213 million in the first quarter of 2018, representing 44 percent and 47 percent of revenues in the first quarter of 2019 and 2018, respectively.
  • Non-GAAP Operating Income: $235 million compared to $239 million in the first quarter of 2018, representing 50 percent and 53 percent of revenues in the first quarter of 2019 and 2018, respectively.
  • GAAP Taxes on Income: $45 million compared to $41 million in the first quarter of 2018.
  • GAAP Net Income and Earnings per Diluted Share: GAAP net income was $180 million compared to $187 million in the first quarter of 2018. GAAP earnings per diluted share were$1.15 compared to $1.16 in the first quarter of 2018.
  • Non-GAAP Net Income and Earnings per Diluted Share: Non-GAAP net income was $205 million compared to $210 million in the first quarter of 2018.  Non-GAAP earnings per diluted share were $1.32 compared to $1.30 in the first quarter of 2018, a 2 percent increase year over year.
  • Deferred Revenues: As of March 31, 2019, deferred revenues were $1,312 million compared to $1,166 million as of March 31, 2018, a 13 percent increase year over year.
  • Cash Balances, Marketable Securities and Short Term Deposits: $4,175 million as of March 31, 2019, compared to $4,039 million as of December 31, 2018.
  • Cash Flow: Cash flow from operations of $379 million included an acquisition related payment of $2 million compared to $419 million in the first quarter of 2018, which included a tax refund of $45 million related to a prior year.

During the quarter the cybersecurity firm launched multiple products and detected many security breaches of varied scale.

The firm launched Check Point Maestro during the quarter which is new architecture that enables businesses of any size to enjoy the power of cloud-grade elasticity and resiliency in a security platform. Maestro enables seamless expansion of existing security gateways to hyperscale capacity by allowing businesses to expand from one gateway up to 52 gateways in minutes and realize the performance of massive Terabits/second firewall throughput.

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