Shawshank, VA 4/23/12 (StreetBeat) -- Shares of Check Point Software Technologies (Nasdaq:CHKP) tumbled more than 9% in morning trading Monday after the Internet security software maker posted better-than-expected first-quarter results but offered mixed guidance.The Israel-based company said it earned 74 cents a share excluding items, up 16% from the year-earlier quarter and 2 cents better than forecasts. Revenue rose 11% to $313.1 million, edging analyst views for $312.8 million.
For the current quarter, based on the midpoint of its guidance, Check Point expects earnings per share of 76 cents, in line with expectations, on sales of $330 million, short of analysts' consensus of $333.7 million.
Q1 sales were driven by Check Point' company's latest network security appliances and continued strength of its annuity software blades, CEO Gil Shwed said in a statement.
Using generally accepted accounting principles, Check Point's net EPS rose 19% to 68 cents in the quarter.
"I am very pleased with our strong start to the 2012 calendar year," Shwed said. "Check Point delivered record first quarter results with good growth across all of our key financial metrics."
Check Point shares were down as much as 13.2% at the open Monday.
Three other recent highly rated security software stocks — Fortinet (Nasdaq:FTNT), Sourcefire(Nasdaq:FIRE) and Vasco Data Security International (Nasdaq:VDSI)— were down about 4% in morning trading Monday. Fortinet and Vasco report earnings later this week.
IBD's Internet Software-Security group ranks No. 7 out of 197 groups tracked.
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