Check Point surpasses market forecasts for Q2, recording $217 million profit
The Israeli cybersecurity company’s revenue was up 4% year over year to $526 million, with its cash balance reaching $4 billion. “We’ve seen a 93% increase in ransomware attacks, as Gen V attacks are now the new norm,” said CEO Gil Shwed
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Check Point once again surpassed market forecasts, reporting 2021 second-quarter figures that indicate the Israeli cybersecurity giant is continuing to grow at a moderate rate.
Check Point CEO Gil Shwed. Photo: Amit Shaal
The company recorded revenue of $526 million compared to $506 million in the second quarter of 2020, a 4% increase year over year. Its non-GAAP Operating Income reached $257 million compared to $253 million in the second quarter of last year, while its non-GAAP Net Income dropped slightly year over year to $217 million compared to $225 million in 2020. Check Point's cash balance stands at a staggering $4 billion.
Check Point CEO Gil Shwed. Photo: Amit Shaal “We had a good second quarter. Strong execution drove double-digit growth across CloudGuard and Harmony, and triple-digit growth in Infinity platform sales. Overall we grew our security subscription revenues by 12%,” said Gil Shwed, Founder and CEO of Check Point. “We’ve seen a 93% increase in ransomware attacks, as Gen V attacks are now the new norm. We believe organizations can stop the next cyber pandemic by adopting a prevention-first approach to security across the network, cloud, and remote users.”
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According to updated data by Check Point Research (CPR) the average number of ransomware attacks each week increased by 20% in the last two months, 41% in the last six months, and 93% in the last 12 months. "The recent attack on a U.S. pipeline is confirmation that the acceleration in sophisticated ransomware attacks is continuing. Following this attack, Check Point Research warned of a new ransomware threat called Triple Extortion," Check Point wrote.
