F5 Networks tops third quarter earnings targets

F5 Networks on Monday delivered better-than-expected third quarter financial results. The company reported non-GAAP net income of $134 million, or $2.18 per diluted share, on revenue of $586 million.

Wall Street was looking for earnings of $2.03 per share on revenue of $572.4 million.

F5 CEO François Locoh-Donou noted in his prepared remarks that the company has continued to see an increase in demand for capacity as customers scale remote access capabilities for employees working from home. 

“Customers continue to look to F5 to enable their mission-critical application needs and increasingly, are deploying a combination of F5 solutions spanning our F5, NGINX and Shape multi-cloud application services portfolio,” said Locoh-Donou. “In a challenging COVID-19 environment, our deep incumbency and close alignment with customers’ investment priorities are proving distinct competitive advantages and driving resiliency in our business.”

For the current quarter, F5 has set a revenue goal of $595 million to $615 million with a non-GAAP earnings target of $2.30 to $2.42 per diluted share. Wall Street is expecting revenue of $598 million and EPS of $2.26.

F5 shares were up a little over 2% after hours. 

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