Check Point Software Q3 profit beats estimates, revenue gains

TEL AVIV, Oct 28 (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 threats in the cloud.

Israel-based Check Point said on Monday it earned $1.44 per diluted share excluding one-time items in the third quarter, up from $1.38 a year earlier. Revenue grew 4 percent to $491 million.

It was forecast to earn $1.40 a share on revenue of $491 million, according to I/B/E/S data from Refinitiv.

“During the third quarter our security subscriptions continued to drive results with 13% growth,” Chief Executive Gil Shwed said. “This was underscored by expanded customer adoption of our cloud solutions.”

Check Point said it bought back 2.9 million shares worth $323 million as part of its share repurchase programme. (Reporting by Steven Scheer Editing by Tova Cohen)