Check Point’s Stock Falls in After Hours Trading

Network and cloud security provider Check Point Software Technologies Ltd’s share price dropped by 9.9% in after hours trading Tuesday following a disappointing fourth quarter profit forecast published by the company.

The Tel Aviv-based firm projected a profit-per-share range of $1.45-1.55 for the fourth quarter and revenues of $485-525 million. The analysts expectations stood at $1.48 per share and revenues of $529.2.

Nasdaq-listed Check Point also reported a 10% percent rise in quarterly profits (Non-GAAP), crediting the expanded demand for mobile security products for the growth. The company’s net income rose to $215 million or $1.3 per share, in the third quarter, from $194 million, or $1.13 per share, a year earlier.

Since 2003, Check Point has regularly announced stock buybacks. In May 2016, the company reported that it planned to purchase $1.5 billion worth of stock, representing about a tenth of its market capitalization. In 2015, the buyback totaled about 1.23 billion.