F5 Reports Strong Earnings Growth in its First Quarter of Fiscal Year 2024

About this update from F5, Inc.

[{"type":"text","content":" SEATTLE--(BUSINESS WIRE)--\nF5, Inc. (NASDAQ: FFIV) today announced financial results for its first quarter ended December 31, 2023.\n\n\n“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.”\n\n\n“Our customers face a growing crisis about how to effectively manage and secure the ever-increasing number of applications and APIs that power their businesses. The situation will be exacerbated by widespread adoption and proliferation of AI, which introduces more demanding, and more distributed applications to the mix,” said Locoh-Donou. “F5 is the application and API expert, with deep expertise built over decades securing, delivering, and optimizing demanding applications. The product portfolio we have created through both organic and inorganic innovation in recent years is designed to assist our customers in addressing exactly these challenges.”\n\n\nFirst Quarter Performance Summary\n\n\nFirst quarter fiscal year 2024 revenue declined 1% from the year-ago period, to $693 million, compared with $700 million in the first quarter of fiscal year 2023. Global services revenue grew 7% from the year-ago period while product revenue declined 10%, reflecting 2% software revenue growth and systems revenue that was down 22% from the year-ago period.\n\n\nGAAP gross profit for the first quarter of fiscal year 2024 was $556 million, representing GAAP gross margin of 80.3%. This compares with GAAP gross profit of $545 million in the year-ago period, which represented GAAP gross margin of 77.9%. Non-GAAP gross profit for the first quarter of fiscal year 2024 was $575 million, representing non-GAAP gross margin of 83.1%. This compares with non-GAAP gross profit of $563 million in the year-ago period, which represented non-GAAP gross margin of 80.4%.\n\n\nGAAP operating profit for the first quarter was $165 million, representing GAAP operati...

More updates from F5, Inc.