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Gil Shwed: “Check Point stock is fantastic. Nasdaq has fallen 30% but we’ve remained stable”

Gil Shwed: “Check Point stock is fantastic. Nasdaq has fallen 30% but we’ve remained stable”

The Israeli cybersecurity company recorded revenue of $578 million in the third quarter, an 8% increase year over year. “There is no share in Israeli history that has provided the same performance as Check Point over the years,” added Shwed

Sophie Shulman | 14:20, 27.10.22

Despite the economic crisis rocking global markets, Check Point revealed better-than-expected results for the third quarter on Thursday.

The cybersecurity giant reported total revenue of $578 million compared to $534 million in the third quarter of 2021, an 8% increase year over year. The company’s non-GAAP Earnings per Diluted share were $1.77 compared to $1.65 in the third quarter of 2021, a 7% increase year over year. Both results were better than market expectations.

Gil Shwed. Gil Shwed. Gil Shwed.

“We recorded a very strong third quarter. Our results were near the top of our forecasts and our profitability was even better,” said Check Point co-founder and CEO Gil Shwed. “Our stock has been fantastic compared to the market. Nasdaq is down 30% while we have remained stable. This is pretty decent in a difficult year for the markets. And generally speaking, no share in Israeli history has provided the same performance as Check Point over the years.”

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Cash flow from operations was $240 million, compared to $251 million in the third quarter of 2021, while cash balances are still high at $3.57 billion.

Check Point currently has a market cap of around $15 billion, essentially the same as it did at the start of the year. It did however lose its position as the highest-valued Israeli company on Wednesday after Mobileye began trading on Nasdaq and reached a market cap of $23 billion.

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