#Check #Point #Software #forecasts #gains #Security

Security vendor Check Point Software Technologies forecast revenue growth of as much as 10 percent in the fourth quarter, after beating third-quarter profit estimates on double-digit growth in sales of products and subscriptions.

It also noted that starting in November, chief financial officer Tal Payne will take a six-month sabbatical leave. Vice president of finance Roei Golan will serve as acting CFO.

Check Point said revenue grew 8 percent to US$578 million (A$894 million).

It was forecast to earn US$1.67 a share on revenue of US$572 million, according to I/B/E/S data from Refinitiv.

For the fourth quarter, Check Point projected revenue of US$608-US$658 million, up from US$599.1 million a year earlier and against analysts’ expectations for US$630.8 million. 

While Check Point forecasts a strong end to 2022, chief executive Gil Shwed said it was difficult to estimate next year’s outlook.

“This year in particular, the level of uncertainty is very, very high,” he told reporters.

“Despite all the turmoil that’s going on in the market, we’re seeing steady and very, very good results.”

For the whole of 2022, Check Point expects revenue of US$2.299-US$2.349 billion, compared to a prior estimate of US$2.2-US$2.375 billion. 

Over the past quarter, cyber attacks increased by 28 percent, underscoring the critical need for cyber security, Shwed said.

Check Point has moved to a prevention-first security system that includes securing corporate networks, the cloud and employees who work remotely. It also expanded its offerings to prevent phishing and threats to internet of things (IOT) devices such as smart TVs and smart locks.

Security subscription revenue grew 13 percent in the quarter.

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