Check Point Software Technologies Remains Operating Amidst Surge in Cyber ​​Attacks Post Hamas Attacks

Check Point Software Technologies, reports that they are still operating as usual despite the war following the Hamas attack (photo: twitter @CheckPointSW)

JAKARTA - Israel-based company, Check Point Software Technologies, reported that they are continuing to operate as usual despite the war following the Hamas attack on October 7. They estimate annual profits that are higher than previous estimates, as stated on Monday, October 30.

Gil Shwed, CEO of the company, stated that 98% of their customers are outside Israel and they have successfully launched new technology and completed acquisitions.

"Over the past three weeks, our employees proved that despite the sirens, the recruitment of military reserves of about 5% of our number of employees, we can continue to operate as planned, without interruption," Shwed told analysts quoted by VOI from Reuters.

Shwed said that Check Point data shows that since the attack on October 7, there has been an 18% increase in cyberattacks in Israel, with 52% against the government sector.

The company previously beat third-quarter profit estimates, driven by double-digit revenue growth in subscriptions to its platform that prevents attacks across networks, mobile devices and the cloud.

As a result, Check Point increased its adjusted EPS estimate for 2023 to 8.20- 8.40 from 7.70- 8.30 US dollars and adjusted its revenue estimate to 2.387- 2.437 billion US dollars from 2.340- 2.510 billion US dollars. Analysts had expected EPS of USD 8.16 on revenue of USD 2.41 billion.

For the fourth quarter, they forecast revenue of 636- 686 million US dollars and adjusted EPS of 2.35- 2.55 US dollars, above analyst estimates.

Check Point said it had repurchased 2.48 million shares worth $325 million during the quarter, as part of its $2 billion share buyback program. During the quarter, they paid $490 million for cybersecurity company Perimeter 81.