Bethel Finance news:
Network security company Check Point Software Technologies Ltd. (Nasdaq: CHKP) reported its first quarter results today. The company beat analysts' estimates, and its own guidance, for both revenue and profit.
First quarter revenue was $281.3 million, 15% more than in the corresponding quarter of 2010. The analysts' consensus estimate was for revenue of $276.7 million.
Non-GAAP net profit was $137 million, or $0.64 per share, up 17% on the corresponding quarter, and two cents per share higher than the analysts' $0.62 estimate.
"I am pleased to begin 2011 on such a high note," said Check Point founder, chairman, and CEO. "We delivered record first quarter results that exceeded our own projections.
"Check Point's continued growth is a testament to the quality of our security products and the success of our strategy. We have a single focus in mind -- securing our customer's IT environment. Our 3D Security vision that just launched takes security to the next level by defining security as a business process combining policy, people and enforcement to create the best protection for every enterprise."
On a GAAP basis, first quarter net profit was $122.1 million, representing an increase of 25% compared with $98.0 million in the first quarter of 2010. GAAP earnings per diluted share were $0.57, representing an increase of 24% compared with $0.46 in the first quarter of 2010.
At the end of the first quarter, Check Point had cash, marketable securities and short term deposits totaling $2,572.2 million, representing an increase of $520.5 million compared with $2,051.7 million at the end of the corresponding quarter.
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