Check Point Software Technologies (CHKP) shares plummeted 6.56% in Wednesday's trading session, despite the company reporting second-quarter earnings that slightly exceeded analyst expectations. The cybersecurity firm posted non-GAAP earnings of $2.37 per share, marginally above the $2.36 forecast, while revenue rose 6% year-over-year to $665 million, surpassing the estimated $661.7 million.

The significant drop in share price comes as investors appear to be focusing on broader industry trends and competitive pressures rather than the company's immediate financial performance. In a notable development, CEO Nadav Zafrir addressed recent industry consolidation rumors, stating that Check Point is not looking to be sold and would prefer to make its own strategic acquisitions. This comes amid reports of potential mergers in the cybersecurity space, including talks of Palo Alto Networks acquiring CyberArk Software.

Zafrir emphasized Check Point's strategy to become the number one player in the world, indicating that the company aims to continue its independent growth trajectory in a rapidly evolving cyber industry. However, this stance seems to have disappointed some investors who may have been hoping for a potential buyout. The CEO's comments, coupled with the ongoing industry consolidation discussions, appear to have overshadowed the company's solid quarterly results, leading to the sharp decline in stock price.