Check Point Software Technologies Ltd. (CHKP) Reports Q1 Results; Shares Gain

Check Point Software Technologies Ltd. (NASDAQ: CHKP) shares are climbing in early trading after the company announced its first-quarter financial results.

For the first quarter, the company reported net profit of $0.64 per share, compared with $0.55 per share reported for the same period in the previous year. Analysts had forecast the company to report a profit of $0.62 per share.

Check Point Software reported first-quarter revenue of $281.3 million, representing an increase of 15% over the same period in the previous year. Analysts were expecting the company to report first-quarter revenue of $276.7 million.

Check Point Software Chairman and CEO Gill Shwed said that the company is optimistic about the rest of the year but it is too early to change the full year forecast. Shwed added that the company feels strong in the market and has won a lot of projects.

For the second quarter, the company currently expects revenue to come in between $290 million and $297 million. The company expects second-quarter earnings per share of $0.63-$0.67.

Following the release of the first-quarter financial results, shares of Check Point Software are higher in trading today. The stock is currently trading 1.25% higher at $52.63 on volume of 1.23 million. It touched an intra-day high of $53.

Check Point Software shares have a 52-week range of $28.82-$53.89. Year-to-date, the stock has gained 13.77%. In the last one year, the stock has gained 45.75%. Check Point Software shares are currently trading above their 50-day and 200-day moving averages.

Check Point Software Technologies Ltd. is an Israel-based company, engaged in the development and marketing of a variety of software as well as combined hardware and software products and services for information technology security.