TEL AVIV (Reuters) – Network security provider Check Point Software Technologies reported quarterly net profit that beat expectations, and said it was doubling its overall share repurchase program to $2 billion.
Check Point earned $1.37 per diluted share excluding one-time items in the second quarter, up from $1.26 a year earlier. Revenue grew 2 percent to $468 million, the Israel-based company said on Wednesday.
It was forecast to earn $1.30 a share on revenue of $461.6 million, according to Thomson Reuters I/B/E/S.
The company said its board has authorized the expansion of its ongoing share repurchase plan by 30 percent quarterly, up to $325 million, and the overall program by 100 percent to $2 billion in total.
The company has repurchased $7.3 billion worth of shares since 2003. The updated plan expands the existing plan announced last August that provided for buying back up to $250 million each quarter for up to $1 billion, which is expected to be completed in the third quarter of 2018.
Reporting by Tova Cohen, Editing by Ari Rabinovitch