- Check Point Software Technologies Ltd (NASDAQ:CHKP) reported first-quarter FY22 revenue growth of 7% year-on-year to $543 million, beating the consensus of $534.3 million.
- Revenue from Products and licenses grew 6% Y/Y to $115.9 million, Security subscriptions increased 13.6% Y/Y to $201.6 million, and Software updates and maintenance grew 1.9% Y/Y to $225.2 million.
- Margin: The non-GAAP operating margin contracted 500 basis points to 44%. The non-GAAP operating income declined 2.8% Y/Y to $239 million.
- Non-GAAP EPS of $1.57 beat the consensus of $1.54.
- The company generated $398 million in operating cash flow and held $3.8 billion in cash and equivalents.
- Founder and CEO Gil Shwed said, "We had strong product demand in our Quantum family and continued strength in our CloudGuard and Harmony products. The global escalation of cyber-attacks is making companies rethink the dated approach of disparate point solutions, and they are transitioning to a more unified approach to prevent the next cyber pandemic."
- Price Action: CHKP shares closed lower by 2.41% at $135.51 on Tuesday.
