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F5, Inc. (NASDAQ:FFIV) reported upbeat earnings for its second quarter, but issued weak forecast for the third quarter.
F5 posted adjusted earnings of $2.91 per share, beating market estimates of $2.87 per share. The company posted sales of $681.000 million, versus expectations of $685.361 million, according to data from Benzinga Pro.
“We delivered a solid second quarter, with revenue near the midpoint of our guidance range and earnings per share at the high end of our guidance in an environment where customers remain cautious and are forecasting largely flat IT budgets for calendar 2024,” said François Locoh-Donou, F5's President and CEO. “During the quarter, our software subscription renewals continued to perform well, driving 20% total software revenue growth compared to a year ago, including 28% subscription revenue growth.”
F5 said it sees third-quarter adjusted earnings of $2.89 to $3.01 per share, versus estimates of $3.09 per share. The company expects revenue of $675 million to $695 million, versus expectations of $694.8 million.
F5 shares rose 0.1% to close at $182.13 on Monday.
These analysts made changes to their price targets on F5 following earnings announcement.
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Posted In: FFIV
