Check Point profit tops estimates on higher demand for remote network access

TEL AVIV, April 27 (Reuters) - Check Point Software Technologies reported higher quarterly net profit that beat expectations, boosted by higher demand for network security as more people work remotely during the coronavirus outbreak.

Israel-based Check Point said on Monday it earned $1.42 per diluted share excluding one-time items in the first quarter, up from $1.32 a year earlier. Revenue grew 3% to $486 million.

It was forecast to earn $1.38 a share on revenue of $480.4 million, according to I/B/E/S data from Refinitiv.

“Despite the COVID-19 pandemic, we sustained elevated business activity levels and delivered results in the upper half of our guidance with strength coming from the Americas,” Chief Executive Gil Shwed said.

“We saw an increased demand for network security gateways in order to support higher capacities and expand the use of our remote access VPN solutions.”

Check Point said it bought back 3 million shares in the quarter worth $325 million as part of its share repurchase programme. (Reporting by Tova Cohen Editing by Steven Scheer)