The volume of cyberattacks against Israel has doubled since the onset of the war and hit a new record high, Check Point Software Technologies CEO Gil Shwed said on Thursday.
"The number of attacks has doubled from one thousand to two thousand per month,” he told investors in a conference call following the presentation of the company's financial reports for the first quarter of 2024.
“A significant portion of the increase is from Iranian groups and Hezbollah, and it is evident that the Iranians have a substantial impact on targeting critical infrastructure. This is a record number. Every day, public, health and private sectors are attacked."
Check Point, one of Israel's largest technology companies and the world's largest pure-play cybersecurity company, is currently valued at a market cap of $18.17 billion, with its stock down 3% in pre-market trading in New York following the release of its financial reports.
In the first quarter of 2024, the company reported revenues of $599 million, compared to $566 million in the first quarter of 2023, marking a 6% increase year-over-year. This exceeded analysts' expectations, which were set at $595 million. Earnings per share stood at $2.04, up 13% from the same quarter the previous year, surpassing the expected $2.01.
Operational profit for the first quarter was $252 million, up from $238 million in the first quarter of 2023, constituting 42% of total revenues for both the first quarters of 2024 and 2023. Net profit was reported at $235 million, compared to $218 million in the first quarter of the previous year. Diluted earnings per share increased by 13% to $2.04, from $1.80 in the first quarter of 2023.
Revenues were slightly above expectations at $598.9 million, against analysts' forecasts of $594.9 million. Earnings per share were reported at $2.04, again beating the expected $2.01.