Check Point Software Stock Scales Record High On Q4 Beat: Retail Remains Bullish
Among the operational metrics, calculated billings rose 11% year-over-year to $959 million, and remaining performance obligations climbed 12% to $2.5 billion.
)
Check Point Software Technologies Ltd. (CHKP) shares rose to a record high on Thursday after the American-Israeli cybersecurity company announced better-than-expected quarterly results.
The Redwood City, California-based company reported fiscal year 2024 fourth-quarter non-GAAP earnings per share (EPS) of $704 million, up 6% year-over-year (YoY). Revenues rose 6% to $2.57 billion.
Analysts, on average, expected EPS and revenue of $2.65 and $698.43 million, respectively, according to Yahoo Finance data.
Product, license and subscription revenue increased 9% to $463 million, or roughly 66% of the total.
Among the operational metrics, calculated billings rose 11% YoY to $959 million, and remaining performance obligations (RPO) climbed 12% to $2.5 billion.
Gil Shwed, who recently transitioned to the executive chair role, said, ‘’The success in the quarter was underscored by strong 8 percent revenue growth in our core Quantum Force appliance business, our industry-leading Harmony E-mail solution, and expanded adoption of the Infinity platform.’’
Nadav Zafrir, who took over as CEO from Shwed, said, “Check Point is uniquely positioned to address the cybersecurity demands of enterprises worldwide.”
On Stocktwits, sentiment toward Check Point Software stock stayed ‘extremely bullish’ (87/100) but message volume remained ‘low.’
Some Stocktwits traders viewed the results positively and touted the stock as a long-term hold.
Check Point Software stock climbed 5.90% to $215.92 by the mid-session on Thursday. The stock has gained over 9% so far in January, on top of the 22% advance in 2024.
For updates and corrections, email newsroom[at]stocktwits[dot]com<
)
)