Check Point revenue grows 3% to $589 mn despite growth in cyber security spending

Check Point Software Technologies said its revenue grew 3 percent to $589 million in the April-June quarter.
Check Point Software at an IT event
Check Point financial performance

Product and License Revenues: $117 million, a 12 percent decrease

Security Subscription Revenues: $239 million, a 14 percent increase

Deferred Revenues: $1,774 million, a 7 percent increase

Check Point Software Technologies has posted net profit of $202 million in Q2 2023 as compared to $174 million in the second quarter of 2022.

Check Point has reported a higher-than-expected profit for the second quarter boosted by double-digit revenue growth in its consolidated cyber security platform that prevents attacks across networks, mobile and the cloud.

The Israeli-based company said it earned $2.00 per diluted share excluding one-off items in the April-June quarter, up 22 percent from $1.64 a year earlier.

“Our platform security strategy realized continued success, as Infinity revenues surpassed 10 percent of total revenues for the quarter,” said Gil Shwed, Founder and CEO of Check Point Software.

“This was emphasized by a 14 percent increase in security subscription revenues that encompasses our advanced security solutions such as ThreatCloud AI, CloudGuard, and Harmony E-mail. This mitigated some of the impact from customers delaying network security refresh projects.”