F5 Networks (NASDAQ: FFIV) reported Q1 EPS of $2.89, $0.11 better than the analyst estimate of $2.78. Revenue for the quarter came in at $687 million versus the consensus estimate of $676 million.

GUIDANCE:

F5 Networks sees Q2 2022 revenue of $610-650 million, versus the consensus of $692.3 million.

“Demand drivers across our business are as strong as they have ever been,” Locoh-Donou continued. “Customers increasingly see F5 as an innovator uniquely equipped to help them build and scale both their traditional and modern application environments with our software- and systems-based solutions.”

While demand for its solutions remains robust, the Company expects that its ability to meet customers’ continued strong demand for systems will be restricted by supply chain constraints for the remainder of fiscal year 2022. As a result, it expects fiscal second quarter revenue in a range of $610 to $650 million. It further expects fiscal year 2022 revenue growth in a range of 4.5% to 8%, down from its prior expectation of 8% to 9% growth. The Company expects fiscal year 2022 software revenue growth near the top end of its previously provided 35% to 40% guidance range, and fiscal year 2022 global services revenue growth of 1% to 2%.

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