F5 Networks said that revenue slowed during its fiscal third quarter amid what CEO John McAdam dubbed a “more cautious spending environment.” Nonetheless, the maker of software and hardware to securely delivery applications over the Internet boosted revenues during the quarter $352.6 million, a 3.8 percent increase over the prior quarter and a 21.3 percent jump over the same period last year.
Net income rose to $72.3 million, up from $68.6 million in the prior quarter and $62.5 million for the same period last year. Meanwhile, the company hired 100 employees during the quarter, finishing the period with $1.1 billion in cash and cash equivalents.
McAdam said that new product enhancements are coming in the months ahead.
“During the next six to nine months we are on track to deliver several new products, including a refresh of our BIG-IP appliance family, new policy enforcement capability for service providers and an eight-blade VIPRION chassis,” he said.
The stock jumped nearly eight percent in trading Wednesday before the earnings report was released. It gave back more than three percent in after hours trading.
Looking ahead, McAdam said that F5 expects revenue of $360 million to $370 million for the fourth quarter.
Previously on GeekWire: F5 Networks CEO John McAdam: Why Seattle works for his $1 billion company