F5 Inc. (FFIV) reported its first-quarter results, surpassing the average analyst estimates.
The company achieved net revenue of $692.6 million, a decrease of 1.1% year-over-year, but higher than the expected $684.8 million. The adjusted earnings per share stood at $3.43, significantly higher than last year's $2.47 and exceeding the forecast of $3.04.
In light of these results, F5 revised its fiscal year 2024 adjusted earnings per share outlook, predicting a growth of 6% to 8%, up from the previously estimated 5% to 7%. This revision is due to a lower expected tax rate for the fiscal year.
The company’s stock rose 6.3% in after-hours trade.
For the second quarter of fiscal year 2024, F5 forecasts revenue in the range of $675 million to $695 million, with non-GAAP earnings projected between $2.79 and $2.91 per diluted share.
Analysts were looking for Q2 revenue of $674.3 million and adjusted EPS of $2.97.
“Our team delivered solid first quarter results, including revenue near the high end and earnings per share above the high end of our guidance ranges,” said François Locoh-Donou, F5’s President and CEO.