Shares of Check Point Software Technologies Ltd. were indicated up nearly 2% in premarket trading Monday, after the Israel-based cyber security company reported first-quarter profit and revenue that rose above expectations. “Net income rose to $182.9 million or $1.33 a share, from $178.7 million, or $1.23 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.54, above the FactSet consensus of $1.50. Total revenue rose 4% to $507.6 million, beating the FactSet consensus of $502.0 million. Cash flow grew 4.6% to $375 million, above the FactSet consensus of $360.6 million. “The cyber threat landscape is reaching new levels of risk and requires a holistic security architecture to prevent the next cyber pandemic,” said Chief Executive Gil Shwed. “Our Infinity architecture can uniquely address these needs and consolidate security for the user, the network and the cloud to prevent Gen V cyber-attacks.” The company said it spent $325 million to repurchase 2.7 million shares during the first quarter. The stock has lost 9.9% year to date through Friday, while the S&P 500 has gained 11.3%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.