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TEL AVIV - Check Point Software (ETR:SOWGn) Technologies Ltd. (NASDAQ:CHKP) reported first quarter earnings and revenue that exceeded analyst expectations on Wednesday.
The company’s shares were up 2.12% in premarket trading following the release.
The cybersecurity firm posted adjusted earnings per share of $2.21, beating the consensus estimate of $2.19. Revenue rose 7% YoY to $638 million, topping expectations of $636.22 million.
Product and license revenue jumped 14% to $114.1 million, driven by strong demand for the company’s Quantum Force appliances. Security subscription revenue increased 10% to $290.6 million.
"The first quarter results have provided a solid foundation to expand upon as we progress through the year," said CEO Nadav Zafrir. "Strong demand for our Quantum Force appliances, fueled by refresh cycles and new projects delivered double-digit year-over-year growth in products and licenses revenues."
Check Point’s cash flow from operations rose 17% YoY to $421 million. Calculated billings increased 7% to $553 million, while remaining performance obligations grew 11% to $2.4 billion.
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