Check Point Software Q2 profit, revenue beat estimates

Check Point Software Technologies reported a higher-than-expected 2% rise in second quarter net profit and 4% increase in revenue.

Israel-based Check Point said it earned $1.61 per diluted share excluding one-time items in the quarter, up from $1.58 a year earlier. Revenue grew to $526 million, with the company on its way to top $2 billion for a second straight year in 2021.

It was forecast to earn $1.56 a share on revenue of $523.8million, according to I/B/E/S data from Refinitiv.

“We’ve seen a 93 percent increase in ransomware attacks, as Gen V attacks are now the new norm,” Chief Executive Officer 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.