Check Point Software posts higher 3Q earnings
SAN CARLOS, Calif. (AP) — Check Point Software Technologies Ltd. said Wednesday that its third-quarter net income and revenue grew thanks to growing demand for its Internet security software.
But its shares fell after the company offered revenue guidance for the fourth quarter that was below analysts' expectations.
The company earned $152.4 million, or 73 cents per share, for the three months ended Sept. 30, up 14 percent from $134.1 million, or 63 cents per share, in the same period a year earlier.
Adjusted earnings were 79 cents per share in the latest quarter, up from 72 cents a year earlier. Analysts, on average, were expecting earnings of 78 cents per share, according to a FactSet survey.
Revenue grew 8 percent to $332.4 million from $308.3 million.
Analysts expected higher revenue of $333 million.
For the fourth quarter, the company projected revenue in the range of $355 million to $387 million. Analysts expected $382 million, on average. It also expects adjusted earnings of 84 cents to 91 cents. Analysts expected 90 cents per share.
Its shares fell $5.95, or 12.6 percent, to $41.47 in midday trading after falling to as low as $40.92 earlier in the session, its lowest level since October 2010.