Shares of F5 Networks tumbled more than 10 percent in after hours trading today after the Seattle maker of networking equipment and software missed its fourth quarter numbers and scaled back its projections for the current quarter.
The company posted revenue of $362.6 million for the fourth quarter, up 3 percent from the prior quarter and up 15 percent for the same period last year. Net income came in at $67.7 million, down from the previous quarter and roughly flat with the same period last year.
The company continues to grow, adding 540 people during the 2012 fiscal year, including 125 last quarter. It ended the year with $1.2 billion in cash and investments.
“As we enter fiscal 2013, it is difficult to predict what turns the economy will take,” said CEO John McAdam in a statement. But as we look out over the year, we believe that changes in the evolving technology landscape are creating new opportunities for growth and that our technology roadmap and product deliverables will enable us to capitalize on those changes.”
Even so, McAdam noted that “current macroeconomic conditions and our expectation of normal Q1 seasonality have tempered our outlook for the near term.” It now expects revenues of $363 million to $370 million with a GAAP earnings target of 86 cents to 88 cents per diluted share.
Shares of F5 are down 12 percent on the year.