January 31, 2018 / 10:15 AM / a year ago

Israel's Check Point Software Q4 profit beats expectations

TEL AVIV, Jan 31 (Reuters) - Network security provider Check Point Software Technologies reported quarterly net profit that beat expectations, boosted by revenue from security subscriptions.

Check Point earned $1.58 per diluted share excluding one-time items in the fourth quarter, up from $1.46 a year earlier. Revenue grew four percent to $506 million, the Israel-based company said on Wednesday.

It was forecast to earn $1.50 a share on revenue of $508.6 million, according to Thomson Reuters I/B/E/S.

“Our industry is at an inflection point where cyber-attacks are becoming increasingly more sophisticated and security infrastructure needs to significantly advance to effectively combat these threats. Enterprises need to adopt fifth generation cyber protections. This year, we will focus on enabling our customers to make this generational leap in security infrastructure,” Chief Executive Officer Gil Shwed said. (Reporting by Tova Cohen; Editing by Steven Scheer)

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