Check Point Beats Street

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Check Point Software Technologies Monday posted second-quarter earnings that beat Wall Street expectations by a penny.

The security software vendor, based here, reported net income of $64.7 million on $108.6 million in revenue for the quarter ended June 30. That compares with net income of $63.6 million on $142 million in revenue for the same quarter a year ago.

Second-quarter earnings of 26 cents per share on a diluted basis compared with First Call/Thomson Financial consensus estimates of 25 cents per share.

"Check Point continued to generate strong earnings despite a difficult business environment," President Jerry Ungerman said in a conference call with analysts. "Macroeconomic conditions and global IT spending have not improved in the time frame or degree that was anticipated at the beginning of the year."

Still, Check Point saw an upswing in business as CIOs continued to make security a priority, he said. The company gained market share during the quarter in firewall/VPN appliances, Ungerman said.

Shares of Check Point were up 73 cents to $14.59 in Monday afternoon trading.

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