Check Point posted a 3% increase in revenue in the first Q to about $ 486 million

Israeli information security firm Check Point (NASDAQ: CHKP) released its financial results for the first quarter of 2020 and posted a 3% increase in revenue compared to the same quarter last year. Net income (Non-GAAP) increased by only 0.5% to $ 206 million. The company beat the expectations in the top and bottom line.
Check Point revenues in the first quarter of 2020 totaled about $ 486 million, up 3% from revenues of aboutposted a 3% increase in revenue compared to the same quarter last year in the same quarter last year. First-quarter revenue was above the company's mid-range forecast.
Bottom line, Check Point sums up its first quarter with a $ 206 million net profit or $ 1.42 per share, compared to $ 205 million or $ 1.32 a share in the same quarter last year.
Analysts had expected $ 480.35 million in revenue and $ 1.38 per share in net earnings.
Non-GAAP operating income was $ 231 million, operating profit margin of 47.5% in the first quarter, compared with operating profit of $ 235 million, operating profit margin of 49.8% in the corresponding quarter.
During the first quarter of 2020, the Company made a $ 325 million share buyback.
Gil Schwed, founder and CEO of Check Point: "The first quarter's success is a testament to our commitment to our customers, partners and employees during these unprecedented periods. Despite the Corona epidemic, we increased business activity levels and provided results in the upper range of our outlook. We have seen an increased demand for network security gateways to support higher capabilities and expand the use of VPN solutions for our remote access. We have continued to provide the highest level of security to our customers to enable them to run their business. "
"During the quarter, our work environment changed completely. We continued to operate successfully despite a lack of supply chain components and closing some of our logistics centers. We moved almost exclusively to work from home and created new environments that allowed our R&D and technical services to work remotely. Our sales team also operates from home with no physical meetings with customers, which was previously the central method of our sales teams. We also switched to virtual marketing activities. We have been able to go through the challenges smoothly, and yet it is difficult to predict what the impact of this changing environment will have on the future, ”concluded Schwed.