By Davit Kirakosyan
F5 Networks (NASDAQ:FFIV) shares fell more than 3% after-hours following the company’s reported better-than-expected Q4 results and mixed guidance.
Q4 EPS came in at $2.62, compared to the consensus estimate of $2.52. Revenue grew 3% year-over-year to $700 million, beating the consensus estimate of $692.07 million. Product revenue increased 3% year-over-year. Systems revenue declined 5% year-over-year as a result of ongoing semiconductor shortages. Global services revenue increased 2% year-over-year.
“Over the next year, our business is likely to benefit from tailwinds to our systems business as a result of improving component availability and to bear some weight from macroeconomic headwinds. In the balance, we expect to deliver fiscal year 2023 revenue growth of 9% to 11%. We also expect the combination of revenue growth and operating leverage will enable us to deliver non-GAAP earnings growth in the low-to-mid teens in fiscal year 2023,” said François Locoh-Donou, F5’s President and CEO.
Q1/23 EPS is expected to be in the range of $2.25-$2.37, compared to the consensus of $2.58, and revenue in the range of $690-710 million, compared to the consensus of $694.62 million.