By Senad Karaahmetovic
Check Point Software (NASDAQ:CHKP) reported today better-than-expected results for its fourth quarter.
CHKP posted an adjusted EPS of $2.45 on revenue of $638.5 million, beating the consensus of $2.36 on revenue of $636M. Revenue jumped 6.6% year-over-year, as security subscription revenue increased by 13% to $231M.
"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."
Check Point reported $1.88 billion in deferred revenue, up 10% YoY. The adjusted operating margin came in at 45%.
Moreover, the company announced that its board of directors authorized a $2B expansion of the company's ongoing share repurchase program.
"Since the beginning of the share repurchase program, Check Point has repurchased approximately 204 million shares for a total purchase price of approximately $13 billion. The updated plan extends the company's existing repurchase program from August 2021, which is expected to be completed during the second quarter of 2023," the company said in a separate press release.
CHKP shares are trading about 1.5% higher in pre-market Monday.