UPDATE 1-Israeli cyber security firm Check Point Software Q1 profit tops estimates

(Adds details, CEO comment)

By Steven Scheer

JERUSALEM, May 1 (Reuters) - Check Point Software Technologies reported on Monday higher than expected profit for the first quarter of 2023, overcoming a weaker economy on growth in its consolidated cyber security platform that prevents attacks across networks, mobile and the cloud.

The Israeli-based company said it earned $1.80 per diluted share excluding one-off items in the January-March period, up 15% from $1.57 a year earlier. Revenue grew 4% to $566 million.

It was forecast to earn $1.74 a share on revenue of $569 million, according to I/B/E/S data from Refinitiv.

"We are facing a pretty challenging market. Customers are not rushing to refresh products and start new projects in this climate," chief executive Gil Shwed told reporters. "Despite that we managed to win many other projects.

"We've been able to grow our cloud operation, we've been able to grow subscriptions and we've been able to keep our customers renewing their contracts with us, so we delivered in light of the circumstances, healthy growth in revenues," he said, noting the tough environment began in November.

Check Point's security subscription revenue rose 13% to $228 million. Its consolidated Infinity platform grew 140%.

Shwed noted that with $3.6 billion in cash, the company was poised to take advantage of the industry's consolidation.

"The good companies are still highly valued and they don't necessarily want to be acquired. But ... I think in the future, we'll have more opportunities to consolidate technologies and companies," he said.

Check Point said it bought back 2.6 million shares in the quarter, worth $325 million, as part of its ongoing $2 billion share repurchase programme. (Reporting by Steven Scheer, Editing by Ari Rabinovitch and Louise Heavens)