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TEL AVIV - Check Point Software (ETR:SOWGn) Technologies Ltd. (NASDAQ:CHKP) reported fourth-quarter earnings that beat analyst expectations, with revenue rising 6% year-over-year, though shares slipped -0.93% following the release.
The cybersecurity firm posted adjusted earnings per share of $2.70, surpassing the analyst consensus of $2.65. Revenue for the quarter came in at $703.7 million, above estimates of $698.43 million and up from $663.5 million in the same period last year.
"We delivered exceptional fourth quarter results, a wonderful way to transition into my new Executive Chairman role," said Gil Shwed, Founder and Chairman of Check Point Software.
The company’s calculated billings reached $959 million in Q4, an 11% increase year-over-year. Total (EPA:TTEF) revenues for the full year 2024 were $2.57 billion, a 6% rise from 2023.
Check Point’s security subscriptions revenue grew 13% to $1.1 billion for the full year. The company repurchased approximately 1.7 million shares at a total cost of $325 million during the fourth quarter.
New CEO Nadav Zafrir, who recently took over the role, stated, "2024 was a successful year and provides a great springboard for 2025 and beyond." He added that his first 100 days will focus on meeting with customers and partners to understand key challenges in the current threat environment.
Despite the earnings beat, Check Point’s stock dipped slightly in early trading, likely due to the modest revenue growth compared to some faster-growing cybersecurity peers.
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