F5 Networks -3.3% as revenues fall short of expectations

|About: F5 Networks, Inc. (FFIV)|By:, SA News Editor

F5 Networks (NASDAQ:FFIV) has slipped 3.3% after hours following fiscal Q1 earnings where profits beat expectations, but revenue missed after seeing softness in the EMEA region.

Net income on a non-GAAP basis rose to $130.3M from a year-ago $120.6M.

Revenue breakout: Products, $239.5M (up 2%); Services, $276.5M (up 8.5%).

“Product sales were robust in the Americas, APAC and Japan in Q1, while sales in EMEA remained relatively soft," said CEO John McAdam. "We believe the migration of applications to public and private clouds, the build-out of hybrid cloud infrastructures, the explosion of SSL-encrypted traffic, and the need to provide security for applications, including the burgeoning array of IoT applications, all represent major market opportunities in the current quarter and beyond.”

For Q2, the company's targeting revenue of $518M-$528M (vs. consensus for $524M), GAAP EPS of $1.41-$1.44 (vs. consensus for $1.43) and non-GAAP EPS of $1.95-$1.98 (vs. consensus for $1.94).

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