Leading Israeli cybersecurity firm, Check Point, has adjusted its revenue estimate for 2023 to a range of $2.387 billion to $2.437 billion, a slight increase from its previous estimate of $2.340 billion to $2.510 billion. The adjustment comes after a successful third quarter in which the company reported a 3 percent growth in revenue, reaching $596 million.
The growth in revenue during July to September was primarily attributed to substantial double-digit increases in subscription services for Check Point’s platform, which offers comprehensive protection against cyberattacks across networks, mobile devices, and cloud environments.
Check Point’s CEO, Gil Shwed, expressed his optimism about the company’s performance in the cyber security industry, stating, “A year ago, companies were holding onto their existing firewalls for longer periods instead of updating them. But now, that has changed.”
Gil Shwed further emphasized the positive momentum Check Point is experiencing, saying, “The last quarter clearly shows that we are in a very good trend of positive change. I’m actually quite positive about the business trend that we’re seeing.”
Looking ahead to the fourth quarter, Tel Aviv, Israel-based Check Point projects revenue in the range of $636 million to $686 million, demonstrating the company’s confidence in its ability to maintain its growth trajectory.
Check Point’s focus on cutting-edge cybersecurity solutions and its adaptability to the evolving threat landscape appear to be paying off, positioning the company for a promising future in the cybersecurity industry.