Benzinga - by Anusuya Lahiri, Benzinga Editor.
Check Point Software Technologies Ltd (NASDAQ:CHKP) reported fiscal first-quarter 2024 revenue growth of 6% year-on-year to $598.80 million, beating the consensus of $595.12 million.
The American-Israeli enterprise security solution provider's adjusted EPS of $2.04 beat the consensus of $2.01.
Revenue from Products and licenses declined 7.1% to $100.3 million, Security subscriptions increased 15.4% year over year to $263.4 million, and Software updates and maintenance grew 2.2% year over year to $235.1 million.
Margin: Adjusted operating margin remained firm at 42% Y/Y. Operating margin fell to 32.38% from 35.29% a year ago.
The company generated $361 million in operating cash flow, compared to $386 million a year ago, and held $3.04 billion in cash and equivalents as of March 31, 2024.
Gil Shwed, Founder & CEO of Check Point Software Technologies, said, "We introduced Quantum Force, a new line of security gateways empowering organizations of all sizes with next-generation firewall technology. In addition, we launched new technologies including Harmony SaaS protecting SaaS platforms and data, and Infinity AI Copilot, an AI-powered security assistant enhancing security effectiveness across organizations."
Check Point Software Technologies stock gained 28% in the last 12 months. Investors can gain exposure to the stock via IShares Inc IShares MSCI Israel ETF (NYSE:EIS) and VanEck Israel ETF (NYSE:ISRA).
Price Action: CHKP shares traded lower by 3.58% at $154.87 at the last check on Thursday.
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