Check Point Q3 profit, revenue top estimates

TEL AVIV, Oct 22 (Reuters)Check Point Software Technologies CHKP.O reported a better- than-expected 14% rise in quarterly net profit, boosted by increased demand for network security as more people work remotely during the coronavirus outbreak.

Israel-based Check Point said on Thursday it earned $1.64 per diluted share excluding one-time items in the third quarter, up from $1.44 a year earlier. Revenue grew 4% to $509 million.

It was forecast to earn $1.53 a share on revenue of $504 million, according to I/B/E/S data from Refinitiv.

“Revenues grew in all key areas with security subscriptions growing by 10%,” Chief Executive Gil Shwed said.

Check Point said it bought back 2.7 million shares in the quarter worth $325 million as part of its share repurchase programme.

(Reporting by Tova Cohen Editing by Steven Scheer)

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