Software security company Check Point’s second-quarter profit beat analyst estimates by 2 per cent thanks to double-digit revenue from cloud protection offerings and other networks security.

Between April and June, Check Point earned C$1.64 per diluted share (excluding one-off items) up from C$1.61 a year earlier. The company’s revenue grew nine per cent to C$571 million. Analysts had forecast C$1.62 per share on revenue of C$560 million.

In the second quarter, revenue from security subscriptions increased by 14 per cent as cyberattacks increased by 32 per cent and the need to protect critical infrastructure increased.

“The demand for cyber has remained healthy in the last year, and I hope it will stay that way. It’s always challenging to find the right companies and we are (constantly looking) for the right targets. I’m sure that in the mid to long range, we’ll find more opportunities,” said CEO Gil Shwed.

For the third quarter, Check Point expects revenue of C$555-585 million and adjusted earnings per share of C$1.60-1.72, but analysts expect C$1.71 per share on revenue of C$566.2 million.

Despite six acquisitions in recent years, Check Point is hoping for more acquisitions. However, Shwed warned of the many uncertainties created by the global economic softness and supply chain problems that have led to higher costs.

The sources for this piece include an article in Reuters.