Check Point Software Tops Q1 Driven By Increasing Cyber-attacks - Check Point Software (NASDAQ:CHKP)

Check Point Software Technologies Ltd CHKP reported first-quarter FY22 revenue growth of 7% year-on-year to $543 million, beating the consensus of $534.3 million.
Revenue from Products and licenses grew 6% Y/Y to $115.9 million, Security subscriptions increased 13.6% Y/Y to $201.6 million, and Software updates and maintenance grew 1.9% Y/Y to $225.2 million.
Margin: The non-GAAP operating margin contracted 500 basis points to 44%. The non-GAAP operating income declined 2.8% Y/Y to $239 million.
Non-GAAP EPS of $1.57 beat the consensus of $1.54.
The company generated $398 million in operating cash flow and held $3.8 billion in cash and equivalents.
Founder and CEO Gil Shwed said, "We had strong product demand in our Quantum family and continued strength in our CloudGuard and Harmony products. The global escalation of cyber-attacks is making companies rethink the dated approach of disparate point solutions, and they are transitioning to a more unified approach to prevent the next cyber pandemic."
Price Action: CHKP shares closed lower by 2.41% at $135.51 on Tuesday.