In addition to handily beating FQ1 estimates, F5 (FFIV) is guiding for FQ2 revenue of $408M-$418M and EPS of $1.23-$1.26, above a consensus of $404.1M and $1.21.
FQ1 product revenue +7% Y/Y to $218.6M, after growing just 1% in FQ4. A mid-2013 refresh for F5's application delivery controller lineup likely helped, and so might have licensing policy changes. Services revenue +17% to $187.9M.
F5 continues to invest aggressively: Sales/marketing spend +10% Y/Y to $134.8M, R&D +32% to $64.1M. Headcount rose by 165 during FQ1.
Shares are close to their 52-week high of $107.99.