F5 Networks on Monday https://www.businesswire.com/news/home/20200427005811/en/%C2%A0F5-Delivers-7-Revenue-Growth-Quarter-Fiscal better-than-expected second quarter financial results. The company reported non-GAAP net income of $135.9 million, or $2.23 per diluted share, on revenue of $585.6 million.
Wall Street was looking for earnings of $1.95 per share on revenue of $559 million.
F5 CEO François Locoh-Donou noted in his prepared remarks that the company has seen an increased demand for capacity as customers scale remote access capabilities for employees working from home.
"With 65% recurring revenue, $182 million in cash flow from operations and cash and investments totaling $1 billion at the end of our second quarter, we can weather the economic uncertainty resulting from the COVID-19 pandemic and we are confident our multi-cloud vision, our investments, and our innovation are well aligned with both near- and longer-term customer demand," Locoh-Donou said.
For the current quarter, F5 has set a revenue goal of $555 million to $585 million with a non-GAAP earnings target of $1.91 to $2.13 per diluted share. Wall Street is expecting revenue of $546.8 million and EPS of $1.84.
F5 shares were up over 7% after hours.