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F5, Inc. (NASDAQ:FFIV) posted better-than-expected results for its first quarter on Monday.
Revenue declined 1% Y/Y to $693 million, beating the consensus of $685.3 million. Adjusted EPS of $3.43, beating the consensus of $3.04, according to data from Benzinga Pro.
For the second quarter, F5 expects revenue of $675 million-$695 million (vs. consensus of $674.54 million), with adjusted EPS of $2.79-$2.91 (vs. $2.95 estimate). The company raised the adjusted EPS growth outlook to 6% to 8% from growth of 5% to 7% for FY24, led by a lower expected tax rate.
"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. "As a result of our continued operating discipline we delivered more than 1,000 basis points improvement in GAAP operating margin and more than 900 basis points improvement in non-GAAP operating margin year over year. We also delivered strong earnings growth, with 93% GAAP earnings per share growth and 39% non-GAAP earnings per share growth compared to last year."
F5 shares gained 2.4% to trade at $189.87 on Tuesday.
These analysts made changes to their price targets on F5 after the company reported quarterly results.
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Posted In: FFIV