While everyone on Earth awaits the results a small company named Apple (AAPL), we have F5 Networks (FFIV) out and much like Riverbed Technology (RVBD) the results -while not super – are a sigh of relief. After rallying 7% during the normal session, the stock is up some 7% in after hours, to the $107s. I was speaking to someone via email on this name this afternoon and mentioned expectations were so poor for the name, that an “ok” quarter should be enough to put the name in a favorable light – this seems to be the case. Full report here.
- Q2 revenue rose 35%, year over year, to $277.6 million, yielding EPS of 88 cents. Analysts had been expecting $277.4 million and 85 cents EPS.
- For Q3, F5 sees revenue in a range of $287 million to $292 million, in line with the average $289.7 million estimate. EPS of 89 cents to 91 cents is a penny better than the average Street estimate.
- “F5’s solid sequential and year-over-year revenue growth in the second quarter was driven by continuing strength in the Americas and APAC,” said John McAdam, president and chief executive officer.
- Revenue from the Americas grew 4 percent from the prior quarter and 38 percent from the second quarter of fiscal 2010.
- APAC revenue increased 10 percent from the prior quarter and 68 percent year-over-year. Japan revenue was down 6 percent sequentially and flat with revenue in the second quarter of last year. In EMEA, revenue grew 22 percent year-over-year but was essentially flat with the prior quarter.
- “Overall revenue growth and stable gross margins enabled us to add 125 employees in the second quarter and maintain our non-GAAP operating margin at just under 38 percent,” McAdam said.