• Cybersecurity stocks, including Check Point Software Technologies Ltd CHKP, Cloudflare, Inc NETWORK CrowdStrike Holdings, Inc CRWDas the former released its mixed first quarter results today.
  • checkpoint reported Q1 FY23 revenue grew 4% year over year to $566.2 million, missing consensus of $568.9 million. Adjusted earnings per share of $1.80 beat that Consensus of $1.74.
  • “The economic slowdown has resulted in lengthened product sales cycles, while recurring revenues have been healthy, exceeding 80 percent of total revenues for the first time,” said Gil Shwed, founder and CEO of Check Point Software Technologies.
  • Last week, Cloudflare reported Q1 adjusted earnings per share of $0.08, which was above the estimate of $0.03 for revenue of $290.2 million, which fell $290.72 million consensus.
  • The company said that rising macroeconomic uncertainty in the first quarter led to material lengthening of sales cycles and significant backend linearity weighting.
  • Also on Monday, Federal Bureau of Investigation Director Christopher Wray made a plea for more money from Congress, citing that Chinese hackers vastly outnumber US cyber intelligence officials.
  • If each of the FBI’s cyber agents and intelligence analysts focused solely on the China threat, Chinese hackers would still outnumber the FBI’s cyber staff by at least 50 to 1, Wray said in remarks prepared for a hearing on the Budget, CNBC reports.
  • The FBI requested $63 million to add 192 new positions to its cyber staff.
  • Wray also stressed that countries like Russia, Iran and North Korea raise significant cybersecurity concerns.
  • Price promotions: CHKP shares traded 5.21% lower at $120.73 on the last check Monday. NET shares traded 5.25% lower to $44.58 and CRWD shares traded 1.60% lower to $118.14.
  • Photo of Darwin Laganzon above Pixabay

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