F5 Exceeds Q2 Revenue Estimates, Anticipates Strong Cloud Demand
Seattle, Washington - June 14, 2023 - F5 Networks (NASDAQ: FFIV) reported Q2 revenue above Wall Street estimates and beat Q1 revenue projections on Tuesday. The company attributed the growth to sustained demand for its cloud services.
F5 CEO François Locoh-Donou highlighted emerging opportunities in hybrid multicloud and AI as key drivers of growth. "Digitization and cloud migration continue to fuel demand for our cloud and cybersecurity services," he stated.
For the first quarter, software revenue surged 22% to $209 million. F5 forecasts Q2 revenue between $705 million and $725 million, surpassing the consensus estimate of $702.7 million. Excluding special items, the company expects EPS between $3.02 and $3.14, exceeding analyst expectations of $3.21.
Based on the positive outlook, F5 revised its full-year 2025 revenue growth forecast upward to 6-7%, from the previous range of 4-5%. For the quarter ended December 31, 2022, revenue totaled $766.49 million, outperforming analyst estimates of $715.4 million.
"F5 continues to demonstrate the resilience of its cloud-based solutions in meeting the evolving needs of enterprises," said an industry analyst. "The strong financial results and optimistic outlook reflect the company's competitive position in the cloud and cybersecurity markets."