TEL AVIV, Feb 3 (Reuters) - Network security provider Check Point Software Technologies reported quarterly net profit that beat expectations, boosted by higher security subscriptions and products to guard against cyber threats in the cloud.
Israel-based Check Point said on Monday it earned $2.02 per diluted share excluding one-time items in the fourth quarter, up from $1.68 a year earlier. Revenue grew 3% to $544 million.
It was forecast to earn $1.99 a share on revenue of $542.5 million, according to I/B/E/S data from Refinitiv.
“Over the last decade we introduced our security-as-a-service subscription model,” Chief Executive Gil Shwed said. “In 2019 subscription reached over $600 million in revenues and was driven by cloud, mobile and zero-day advanced threat prevention technologies.”
Check Point said it bought back 2.9 million shares in the quarter worth $325 million as part of its share repurchase programme and announced a $2 billion extension to the programme with authorisation to buy back up to $325 million each quarter. (Reporting by Tova Cohen, Editing by Ari Rabinovitch)