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Check Point posts higher quarterly profit

Security company posts net income of $76.4 million on strong demand for its network and Internet security products.

Check Point Software Technologies on Tuesday reported a higher fourth-quarter profit on firm demand for its network and Internet security products.

The company, based in Israel with sizable operations in California, reported fourth-quarter net income of $76.4 million, or 30 cents per share, compared with $65.3 million, or 26 cents a share, a year earlier.

Shares of Check Point, whose products help companies protect their networks and the Internet from hackers, traded higher after hours at $23.18 from a close of $22.97 on the Nasdaq on Tuesday.

Fourth-quarter revenue was $143 million compared with $115.3 million a year earlier.

Analysts had expected the company to post earnings-per-share, excluding items, of about 29 cents on revenue of $141 million, according to Reuters Estimates. Seven analysts polled by Reuters had forecast net earnings of 28 cents a share.

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