F5 Networks beats expectations, delivers strong fiscal Q3 numbers
Application security company F5 Networks delivered better-than-expected third-quarter financial results, reporting non-GAAP net income of $169 million, or $2.76 per diluted share, on revenue of non-GAAP $586 million.
The third-quarter fiscal year 2021 GAAP revenue was $652 million, beating Wall Street's expectations of $623 million and $2.45 per share earnings.
According to a statement from the company, F5 planned to deliver revenue in the range of $620 million to $650 million for Q3, with non-GAAP earnings in the range of $2.36 to $2.54 per diluted share.
This year, the company announced that it would acquire distributed multi-cloud application security and load-balancing software company Volterra of Santa Clara, California. The move raised revenue expectations for Q2 up to $623 million.
F5 shares are up .23% at $192.62 in after-hours trading.
F5 expects to deliver revenue in the range of $660 million to $680 million, with non-GAAP earnings in the range of $2.68 to $2.80 per diluted share for the current quarter.
François Locoh-Donou, F5's president and CEO, said, "robust software growth and resilient demand for systems drove 12% GAAP revenue growth in our third-quarter and 11% revenue growth versus the prior year's third-quarter non-GAAP revenue."
"Customers' traditional applications are generating more revenue and more engagement than ever before. At the same time, customers also are accelerating adoption of modern application architectures, like Kubernetes, for new applications," he added.