The second quarter results of cybersecurity co Check Point Software Technologies Ltd. beat the consensus analysts' estimates, Trend reports with reference to Globes.
They also beat the company's own guidance on profit, and met its revenue guidance. Quarterly revenue totaled $526 million, 4.1% more than in the second quarter of 2020. Revenue from products and security licenses grew 5.7% to $303 million, while revenue from software updates and maintenance grew 2% to $223 million.
On a GAAP basis, Check Point posted a net profit of $186 million for the second quarter, down from $196 million in the corresponding quarter of 2020, as operating expenses rose. On a non-GAAP basis, excluding various accounting items, net profit was $217 in the second quarter of 2021, which compares with $225 million in the corresponding quarter. Earnings per share were $1.61, which compares with $1.58 in the corresponding quarter, and Is $0.05 above the consesnsus analysts' estimate.
Check Point's cash flow from operations was $264 million in the second quarter, representing a 4% increase year over year. At the end of the quarter, the company had cash and cash equivalents of $4 billion. Check Point has a market cap of $16.7 billion.
For the first half year, Check Point's revenue totaled just over $1 billion, representing growth of 4.2% in comparison with the first half of 2020,and non-GAAP net profit was $428 million, which compares with $431 million in the first half of 2020.
Check Point co-founder and CEO Gil Shwed said, "We had a good second quarter. Strong execution drove double-digit growth across CloudGuard and Harmony, and triple-digit growth in Infinity platform sales. Overall we grew our security subscription revenues by 12%.
"We’ve seen a 93% increase in ransomware attacks, as Gen V attacks are now the new norm. We believe organizations can stop the next cyber pandemic by adopting a prevention-first approach to security across the network, cloud and remote users."