One sector that’s seen business improve in the coronavirus environment is cybersecurity. As unpleasant as it sounds, there are folks who are so crooked that they’ll seize on a disaster to scam people out of their money, warns Eddy Elfenbein, editor of Growth Stock Advisor.
That’s where companies like Israeli cybersecurity firm Check Point Software (CHKP) come in. If you’re not familiar with CHKP, you should know the company is truly one of the best in the biz.
The firm just recently released its Q1 earnings report. The company saw a dramatic rise in the number of coronavirus-related cyberattacks — apparently, scammers have had a field day running COVID-19 scams. That kind of behavior is good business for Check Point.
On average, there have been over 14,000 coronavirus-related cyberattacks per day. The attacks reached a peak in April with over 20,000 attacks. Since January, Check Point said that 68,000 COVID-related domain names have been registered, and that the company identified the malicious domains at double the rate of others.
This shows you why businesses and governments need the services provided by Check Point. The firm’s researchers discovered 16 malicious apps, all masquerading as legitimate coronavirus-related apps, containing a range of malware aimed at stealing user data or generating revenue.
It’s no surprise that Check Point had a very good earnings report. For Q1, CHKP earned $1.42 per share. That beat Wall Street’s forecast by four cents per share. It’s also up from $1.32 per share for last year’s Q1. Quarterly revenues rose 3% to $486 million.
During Q1, Check Point spent over $320 million to buy back three million shares. If you’re looking for a top name in cybersecurity that’s thriving in these difficult times, then Check Point Software fits the bill.
