2023-05-01 07:36:50 ET
Check Point Software ( NASDAQ: CHKP ) shares fell more than 5% in pre-market trading on Monday as the cybersecurity company reported first-quarter results that failed to impress investors.
For the period ending March 31, Check Point ( CHKP ) earned an adjusted $1.80 per share on a 4% year-over-year rise in revenue to $566M.
Israeli-based Check Point ( CHKP ) added that security subscription revenue rose 13% year-over-year to $228M and deferred revenue rose 8% year-over-year to $1.8B.
Analysts were expecting the company to earn $1.73 per share and generate $568.69M in revenue.
In addition, Check Point ( CHKP ) spent $325M during the period buying back 2.6M worth of stock during the period.
Zscaler ( ZS ), Palo Alto Networks ( PANW ) and a few other cybersecurity stocks were lower in pre-market trading on back of Check Point's ( CHKP ) quarterly results.
Check Point Software ( CHKP ) will host a conference call at 8:30 a.m. to discuss the results.
More on Checkpoint Software and cybersecurity
- As IT budgets tighten, cybersecurity companies see growing demand
- Wolfe Research starts coverage on Check Point, calls it 'cash generating machine'
- Check Point Software falls as Raymond James downgrades heading into Q1
For further details see:
Check Point Software slumps as Q1 revenue misses estimates