F5 Networks beats quarterly expectations as revenue up 11% to $645M, but stock dips 5%

The F5 Tower in downtown Seattle. (GeekWire Photo / Kurt Schlosser)

F5 Networks Income: The Seattle-based company posted fiscal first quarter revenue of $ 645 million, up 11% year over year. Non-GAAP earnings per share were $ 2.50 versus $ 2.23. Analysts had expected revenue of $ 635 million and earnings per share of $ 2.39. Shares fell more than 5% in after-hours trading.

Pandemic tailwind: François Locoh-Donou, CEO of F5, said the company is benefiting from customers “who are scaling their digital assets faster, resulting in a growing demand for application security and delivery solutions from F5”.

(Via F5 presentation of results)

F5 transformation: The company has aggressively focused on software and services, expanding beyond its traditional network hardware business. The company has spent more than $ 2 billion on acquisitions over the past two years, bringing companies like Volterra, Nginx, and Shape Security to their knees. F5’s share price has doubled since March 2020 and is now trading at over $ 200 / share.

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