F5 Networks Inc. (FFIV) stock gained by 0.23% at the last close while the FFIV stock surged by 6.05% in the pre-market trading session. F5, Inc. is a technology firm based in the United States that focuses on application delivery networking, application availability, and performance. It also deals with multi-cloud management, application security, network security, access & authorization, and online fraud protection.
Significant Development
F5 Networks has released its financial results for the third quarter of the fiscal year 2021, which concluded on June 30, 2021. Given below is the summary:
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- GAAP revenue for the third quarter of the fiscal year 2021 was $652 million, increased 11% from GAAP revenue of $583 million for the third quarter of the fiscal year 2020 and 11% from non-GAAP revenue of $586 million. Non-GAAP profitability in the third quarter of the fiscal year 2021 was generated by a 21% increase in product revenue and a 4% increase in global services revenue over the previous year. When compared to the same quarter last year, non-GAAP product revenue increased by 34% and 13%, respectively.
- GAAP net income generated for the third quarter of the fiscal year 2021 was $90 million relative to $70 million for the Q3 of the fiscal year 2020.
- The attached Consolidated Income Statements provide a GAAP to non-GAAP reconciliation of revenue, net income, earnings per share, and other metrics. This press release contains additional information regarding non-GAAP financial data.
- Non-GAAP net income totaled for the Q3 fiscal 2021 was $169 million relative to $134 million, or $2.18 per diluted share, in the third quarter of the fiscal year 2020.
François Locoh-Donou, F5’s President and CEO stated,
FFIV’s excellent third-quarter results reflect F5’s enlarged solution portfolios compelling match with its clients’ most critical application demands. Traditional customer apps generate more money and interaction than ever before. Customers are also speeding up their use of contemporary application architectures, such as Kubernetes, for new applications.
Future Outlook for FFIV stock,
F5 forecasts revenue in the range of $660 million to $680 million for the fourth quarter of the fiscal year 2021, which ends September 30, 2021, and non-GAAP profits in the range of $2.68 to $2.80 per diluted share.