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Stock Alert: Check Point Spikes On Upbeat Results

Shares of Check Point Software Technologies Ltd. (CHKP), a leading provider of cyber security solutions are climbing more than 4% on the back of upbeat first-quarter results.

Net income for the first quarter was $179 million or $1.23 per share compared with $180 million or $1.15 per share in the same quarter a year ago. Excluding items, EPS of $1.42 beat the average estimate of 30 analysts polled by Thomson Reuters at$1.38.

Revenue increased 3% year-over-year to $486 million. The consensus estimates was at $480.35 million.

"Despite the COVID-19 pandemic, we sustained elevated business activity levels and delivered results in the upper half of our guidance with strength coming from the Americas. We saw an increased demand for network security gateways in order to support higher capacities and expand the use of our remote access VPN solutions. We continued to provide the highest level of security to our customers to allow them to run their business," said Gil Shwed, Founder and CEO of Check Point Software Technologies.

CHKP is currently trading at $109.33. It has traded in the range of $80.06- $121.25 in the last one year.

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