Check Point's stock tumbled 6.04% during pre-market trading on Thursday, following the release of its first-quarter financial results.
The cybersecurity company reported quarterly revenue of $668.4 million, which slightly missed the analyst consensus estimate of $672.53 million. While adjusted earnings per share of $2.50 beat expectations, the revenue shortfall was attributed to product sales being negatively impacted by go-to-market changes implemented at the beginning of the quarter.
These changes created near-term headwinds for the company's security appliance business, overshadowing strength in security subscriptions revenue which grew 11% year-over-year. The company did not provide specific financial guidance for upcoming quarters following the mixed results.