F5 Networks surges 11% on strong Q4 results, upbeat guidance

Investing.comOct 28, 2024 8:42 PM

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Investing.com-- F5 Networks (NASDAQ:FFIV) saw its shares soar 11% after the company reported better-than-expected fourth quarter results and provided an optimistic outlook for the upcoming fiscal year.

The network security and application delivery company also announced a new $1 billion share repurchase program.

F5 Networks reported adjusted earnings per share of $3.67 for the fourth quarter, surpassing the analyst estimate of $3.45.

Revenue for the quarter came in at $746.67 million, beating the consensus estimate of $730.39 million and representing a 5.6% increase YoY.

The company's software revenue, a key growth driver, jumped 19% YoY to $228 million. Systems revenue declined 3% to $130 million, while global services revenue grew 2% to $388 million.

For the first quarter of fiscal year 2025, F5 Networks expects revenue between $705 million and $725 million, with the midpoint slightly above the consensus of $706 million.

The company forecasts adjusted EPS of $3.29 to $3.41, compared to the analyst estimate of $3.37.

Looking ahead to fiscal year 2025, F5 Networks anticipates total revenue growth of 4% to 5% and adjusted EPS growth of 5% to 7% over fiscal year 2024.

"Our results speak to the power of our portfolio and innovation, the strength of our operating model, and the resilience of our business," said François Locoh-Donou, F5's President and CEO.

The company's board of directors authorized an additional $1 billion for its common stock repurchase program, supplementing the $422 million remaining in the existing program.

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