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Dec 31, 2022
F5 Q1 2023 Earnings Report
F5's first quarter of fiscal year 2023 revenue grew, with global services revenue increasing and product revenue declining.
Key Takeaways
F5 reported a 2% increase in revenue for Q1 FY23, reaching $700 million. Global services revenue grew by 5%, while product revenue declined by 1%. The company expects revenue growth of 9% to 11% for the year and double-digit non-GAAP earnings growth.
Revenue grew 2% year-over-year to $700 million.
Global services revenue increased by 5% year-over-year.
Product revenue decreased by 1% year-over-year, with software revenue up 3% and systems revenue down 4%.
GAAP net income was $72 million, or $1.20 per diluted share, while non-GAAP net income was $149 million, or $2.47 per diluted share.
Revenue by Segment
Forward Guidance
For the second quarter of fiscal year 2023, F5 expects to deliver revenue in the range of $690 million to $710 million, with non-GAAP earnings in the range of $2.36 to $2.48 per diluted share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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