By a News Reporter-Staff News Editor at Computer Weekly News -- For the second quarter of fiscal 2014, F5 Networks, Inc. (NASDAQ: FFIV) announced revenue of $420.0 million, up 3 percent from $406.5 million in the prior quarter and 20 percent from $350.2 million in the second quarter of fiscal 2013.
GAAP net income was $69.6 million ($0.91 per diluted share), compared to $68.0 million ($0.87 per diluted share) in the prior quarter and $63.4 million ($0.80 per diluted share) in the second quarter a year ago.
Excluding the impact of stock-based compensation and amortization of purchased intangible assets, non-GAAP net income was $96.9 million ($1.27 per diluted share), compared to $94.8 million ($1.22 per diluted share) in the prior quarter and $84.7 million ($1.07 per diluted share) in the second quarter of last year.
A reconciliation of GAAP net income to non-GAAP net income is included on the attached Consolidated Statements of Operations.
"There were very few surprises in the second quarter of fiscal 2014," said John McAdam, F5 president and chief executive officer. "During the quarter, strong demand for our software-defined application services resulted in 22 percent year-over-year product revenue growth. Increasing revenue from the sale of software modules, particularly our Security modules, was driven in part by a growing percentage of customers purchasing our 'Better' and 'Best' offerings. Revenue by geographic region met or exceeded our expectations, with solid year-over-year growth in the Americas, EMEA and Japan. Sales of our TMOS-based products into vertical markets were also in line with historical trends and our internal expectations for the quarter, and our Traffix Diameter Signaling and Routing products continued to gain traction with key wins at several large service providers.
"Looking out to the second half of fiscal 2014, we believe we can continue to build on the momentum we generated in the first two quarters of the year," McAdam said.
For the current quarter, ending June 30, the company has set a revenue goal of $428 million to $438 million with a GAAP earnings target of $0.99 to $1.02 per diluted share and a non-GAAP earnings target of $1.33 to $1.36 per diluted share.
Keywords for this news article include: Software, F5 Networks Inc..
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