UPDATE: Check Point Software Posts Upbeat Q2 Earnings

Israel's Check Point Software Technologies

reported better-than-expected second-quarter results. Check Point Software's quarterly non-GAAP net income surged to $172 million, from $165 million, in the year-ago quarter. Its non-GAAP earnings per share increased to $0.89 from $0.83. Its revenue rose 7% to $363 million from $340 million. However, analysts were expecting earnings of $0.87 per share on revenue of $359.5 million. Its non-GAAP operating income surged to $207 million from $198 million. Non-GAAP operating margin narrowed to 57% from 58% in the year-ago period. The company's cash flow from operations dropped to $168 million versus $205 million. Check Point Software repurchased 3.0 million shares at a total cost of $194 million during the second quarter. Gil Shwed, founder, chairman, and chief executive officer of Check Point Software Technologies said, “We had a fantastic second quarter. Total revenues from products and software blades subscription delivered 10 percent growth, which was driven by strong demand across industries and business segments. We saw a nice up-tick in customer wins across the board with several very large customer contracts.” Check Point Software shares gained 0.86% to close at $64.77 yesterday.