Check Point Software Technology (NASDAQ: CHKP) reported Q1 EPS of $1.42, $0.04 better than the analyst estimate of $1.38. Revenue for the quarter came in at $486 million versus the consensus estimate of $480.35 million.

First Quarter 2020:

• Total Revenues: $486 million, a 3 percent increase year over year
• Deferred Revenues: $1,349 million, a 3 percent increase year over year
• GAAP Operating Income: $201 million, representing 41 percent of revenues
• Non-GAAP Operating Income: $231 million, representing 48 percent of revenues
• GAAP EPS: $1.23, Non-GAAP EPS: $1.42

“The first quarter success is a testament to our commitment to customers, partners and our employees during these unprecedented times. Despite the COVID-19 pandemic, we sustained elevated business activity levels and delivered results in the upper half of our guidance with strength coming from the Americas,” said Gil Shwed, Founder and CEO of Check Point Software Technologies. “We saw an increased demand for network security gateways in order to support higher capacities and expand the use of our remote access VPN solutions. We continued to provide the highest level of security to our customers to allow them to run their business.”

“During the quarter our work environment changed completely. We managed through lack of components in the supply chain and closure of some of our logistics centers. We transitioned almost exclusively to work from home and created new environments that allowed our R&D and technical services to work remotely. Our sales team is also operating from home with no physical meetings with customers, which previously was the primary method of our sales engagements. We also shifted to virtual marketing activities. We managed through these challenges smoothly, yet it’s hard to predict what effect this changing environment will have on the future. I would like to thank our customers, partners and employees for their engagement, dedication and for making this possible,” concluded Shwed.

For earnings history and earnings-related data on Check Point Software Technology (CHKP) click here.