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Check Point: Revenue rose but quarterly earnings weakened

The information security giant topped forecasts, but concluded the third quarter of 2021 with a decline in operating profit.

Gil Schweid: "During the quarter, we further expanded the Infinity platform with the acquisition of the e-mail security company Avanan, to address emailed malware."

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• Check Point

• financial reports

• Cyber

• Hi-Tech

Roast Greenberg

Thursday, 28 October 2021, 13:10 Updated: 13:20

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Israeli information security giant Check Point today (Thursday) reported its results for the third quarter of 2021 with an improvement in the revenue line but a decline in the profit line. In both parameters, Check Point exceeded market forecasts.

Israeli company traded on Nasdaq posted adjusted profit (NON-GAAP) of 219.8 million dollars or 1.65 dollars per share, compared with 230.8 million dollars or 1.64 dollars per share in the same quarter last year. Adjusted earnings exceeded analysts' forecasts was 1.6 per share, on average.

Profit The GAAP was $ 187 million or $ 1.41 per share, compared to $ 200.7 million or $ 1.44 per share in the third quarter of 2020. The decrease in profit is mainly due to a 16.3% increase in research and development expenses in the quarter to $ 71.3 million, and an increase of approx. 9% in marketing and sales expenses to about $ 148.3 million in the quarter.

The Israeli information security company's revenue grew by 4.9% in the quarter compared to the same period last year and amounted to $ 534 million, with analysts forecasting an average revenue of $ 529.61 million.

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Most of the increase in revenue was due to the subscriptions section, which increased by 12.5% ​​and brought the company $ 190 million in the third quarter, along with $ 224.9 million from software and maintenance updates that increased by 2% and $ 119.1 million from product and license sales, which decreased slightly by 0.9% during The quarter.

: “The company's revenue came towards the high end of our forecasts, and non-GAAP earnings per share exceeded forecasts. Subscriber revenue increased by approximately 13% as a result of triple-digit growth in Infinity platform sales and double-digit growth in Harmony and CloudGuard.

"During the quarter, we further expanded the Infinity platform with the acquisition of Avanan, the fastest growing e-mail security and collaboration security company to address the most vulnerable attack vector - e-mail-delivered malware."

Gil Schweid, founder and CEO of Check Point: "Israel is experiencing a significant increase in the number of attacks on it" (Photo: Mark Israel Salem and Avshalom Shashoni)

In his remarks, Schweid also referred to the latest cyber threats: "If the 5th generation cyber attacks (attacks that use a variety of vectors in one tool) were quite rare until a few years ago, today they occur on a weekly basis. Israel is experiencing a significant increase in attacks. Israel currently experiences cyber attacks on a weekly basis.

The medical sector is one of the most attacked sectors, also in Israel, and experiences about 1,400 attacks a week. And rich in relatively old devices.But

all organizations are now more exposed, as the information is no longer stored only within the walls of the organization, but exposed, among other things, in the cloud.In addition, most existing defenses today fail to prevent attacks "It happened, and then it remains to repair damage that has already been done. What is needed is prevention."

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