Check Point Software Technologies (CHKP) shares plummeted 11.91% in pre-market trading on Thursday after the cybersecurity firm reported second-quarter revenue that fell short of Wall Street expectations for the second consecutive quarter.

While the company delivered an adjusted earnings beat, with EPS of $2.55 surpassing the consensus estimate of $2.45, revenue of $673.6 million came in below the $676.4 million analysts had projected. The revenue miss reignited investor concerns about the pace of Check Point's product revenue recovery, which has been lagging as the company undergoes a sales team restructuring. Security subscriptions revenue grew 12% year-over-year to $333 million, helping offset declines in product and license revenue, but it was not enough to meet top-line expectations.

The disappointing results were compounded by broader market headwinds, as weak earnings from semiconductor heavyweight SK Hynix triggered a sell-off across the technology sector, spreading risk-off sentiment into software names. Analysts have noted that a meaningful rebound in product revenue is not expected until late this year or early next year, while the ongoing expansion of the sales force continues to create near-term friction.