Check Point Software ( CHKP) posted a 5% increase in second-quarter earnings compared with last year, as a 20% jump in revenue was partially offset by acquisition-related amortization and compensation costs.

Discounting the acquisition of Zone Labs, results were in line with expectations. But guidance for the third quarter provided no upside to analyst's estimates and in recent trading shares of the Internet security provider were off $2.73, or 13%, to $18.01.

The Redwood City, Calif., company earned $63.3 million, or 24 cents a share, in the three months to June 30, compared with earnings of $60.2 million, or 24 cents a share, last year. Earnings before the acquisition items were 25 cents a share in the latest quarter. Revenue rose 20% from a year ago to $126.9 million.

Analysts surveyed by Thomson First Call had been forecasting earnings of 25 cents a share on revenue of $126.1 million in the second quarter.

By segment, license revenue totaled $67.9 million from $54.8 million a year ago, while subscription revenue totaled $48.7 million in the latest quarter, compared with $40.8 million last year. Service revenue slipped fractionally to $10.4 million.

On the cost side, selling and marketing expenses came to $34.4 million in the most recent quarter, or 27% of revenue, compared with $26.8 million, or 25% of revenue, a year ago.

Looking to the third quarter, the company told investors to expect earnings to range from 24 cents to 26 cents a share, on sales ranging from $124 million to $131 million. Wall Street was expecting EPS of 26 cents and revenue of $131.35 million.

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