Check Point Software Clocks 7% Revenue Growth In Q4 Aided By Cybersecurity Demand; Expands Stock Buyback - Check Point Software (NASDAQ:CHKP)

Check Point Software Technologies Ltd CHKP reported fourth-quarter FY22 revenue growth of 7% year-on-year to $638.5 million, beating the consensus of $593 million.
Revenue from Products and licenses grew 4.2% Y/Y to $173.4 million, Security subscriptions increased 13.2% Y/Y to $231 million, and Software updates and maintenance grew 2.4% Y/Y to $234.1 million.
Margin: Non-GAAP operating margin contracted 200 basis points to 45%.
Non-GAAP EPS of $2.45 beat the consensus of $2.19.
The company generated $230 million in operating cash flow and held $3.50 billion in cash and equivalents.
Share Buyback: The board agreed to expand the share buyback to up to $2 billion.
"We delivered solid fourth quarter and 2022 full-year financial results despite a volatile year-end macro-environment. Revenue and non-GAAP earnings per share came in at the top end of our projections," said Gil Shwed, Founder & CEO of Check Point Software Technologies. "We continued building the future of cyber security with the prevention-first Infinity architecture and realized triple-digit growth in Infinity revenues."
Price Action: CHKP shares closed lower by 0.10% at $127.16 on Friday.