F5 raises annual revenue growth forecast on strong security spending

April 28 (Reuters) - ‌Cybersecurity firm ​F5 ​raised its annual revenue growth forecast on Tuesday, betting on ‌strong demand for its application and ⁠cloud security products as enterprises shore ‌up digital protection efforts.

With ‌the rapid advancement of artificial intelligence, companies are looking to modernize and ​upgrade their digital infrastructure, a trend benefiting companies such as ⁠F5 that provide web security and protection from bad ​actors.

• Shares of the company rose around 5% in extended trading.

• ​The company raised ‌its annual revenue growth forecast to between 7% and 8%, ⁠compared with its earlier expectation of between 5% and 6%.

• It forecast ⁠third-quarter revenue of between $820 million and $840 million, compared ​with estimates of $818.8 million, according to data compiled by LSEG.

• F5 reported second-quarter revenue ‌of $812 million, beating estimates of $781 million.

• The company reported profit ‌per share of $2.58, compared with ⁠a profit of $2.48 ‌per share, a ​year ago.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Tasim ‌Zahid)

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