Network security company Check Point Software Technologies Ltd. (Nasdaq: CHKP) beat analysts' estimates with the third quarter result sit released today. Revenue for the quarter totaled $428 million, representing a 6% percent increase year over year, and ahead of the average analysts' estimate of $423 million. Non-GAAP earnings per share were $1.13, which compares with $1.04 in the third quarter of 2015 and an analysts' estimate of $1.08.
On a GAAP basis, Check Point's operating profit for the third quarter was $206 million, or 48% of revenue. Non-GAAP operating profit was $231 million, or 54% of revenue. Net cash flow in the quarter was $214 million, which compares with $228 million in the corresponding quarter.
At the end of the third quarter, Check Point had cash of $3.7 billion, compared with $3.6 billion at the end of the third quarter of 2015.
Check Point's share price is up more than 4% in pre-market trading.
Check Point CEO Gil Shwed said, "Third quarter financial results were very good with revenues coming in toward the upper end of our projections and earnings per share that exceeded our projections. Customers continue to leverage the Check Point security platform and increase their adoption of our advanced security capabilities which is resulting in higher subscription revenues. We continued to see strong sales of our SandBlast, Zero Day Protection solutions, resulting in triple-digit growth as customers focus on prevention."
Published by Globes [online], Israel business news - www.globes-online.com - on October 31, 2016
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