Check Point Software ( (CHKP) ) has realeased its Q3 earnings. Here is a breakdown of the information Check Point Software presented to its investors.
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Check Point Software Technologies Ltd. is a leading provider of AI-powered, cloud-delivered cybersecurity solutions, known for its comprehensive Infinity Platform that enhances security across various digital environments.
In its third quarter financial results for 2024, Check Point Software reported robust performance with total revenues reaching $635 million, marking a 7% increase compared to the same period last year. The company’s CEO, Gil Shwed, highlighted the double-digit growth in the Infinity Platform and the expansion of offerings into the Security Operation Center market, thanks to the recent acquisition of Cyberint Ltd.
Key financial metrics include a GAAP operating income of $218 million, which represents 34% of total revenues, and a non-GAAP operating income of $274 million, equating to 43% of revenues. The company’s GAAP earnings per share increased by 4% to $1.83, while the non-GAAP earnings per share rose by 9% to $2.25. The acquisition of Cyberint for $186 million has positioned Check Point to leverage AI-powered threat intelligence further.
Despite a slight decrease in cash balances and marketable securities from the previous year, Check Point’s financial health remains robust, with a strong focus on innovation and market expansion. The completion of a $325 million share repurchase program underscores the company’s commitment to delivering value to shareholders.
Looking ahead, Check Point’s management remains optimistic about the continued success and adoption of its technologies as the year comes to a close, with strategic participation in several key investor conferences planned for the fourth quarter of 2024.
