Check Point hails 20 per cent profit growth

NEWS Israeli firm Check Point Software has reported third quarter results which show profit up 20 per cent and has hailed the results as a victory for its cost cutting measures. Revenue was up just over two per cent from $116m to $118m, but profits were up to $74.3m from $61.6m. The company's shares rose 9.65 per cent, or $2.81, to $31.93 on the Nasdaq. In the last month Check Point, and other Nasdaq-traded Israeli stocks, have been particularly hard hit by the gloom following the terrorist attacks on the US of 11 September. As a result Check Point had already warned it would not hit predicted revenue of $130m.