F5 Networks, whose software and hardware products speed the delivery of applications over the Internet, jumped more than five percent in after hours trading following the release of the Seattle company’s first quarter earnings report. F5 posted revenue of $322.4 million, up 2.5 percent over the previous quarter and a 19.9 percent increase over revenue of $268.9 million for the first quarter of the past fiscal year.
F5 originally anticipated revenue of $315 million to $320 million for its fiscal first-year quarter.
Net income was $66.5 million, down slightly from $67.6 million in the previous quarter but up from $55.7 million during the same period last year.
“Strong sales in APAC, Japan, and particularly North America offset the seasonal slowdown that typically characterizes the first quarter of a new fiscal year. We were also pleased that sales in the EMEA region exceeded our expectations,” said John McAdam, F5 president and chief executive officer.
The 2,615-person company — which added 125 employees during the quarter and plans to add another 125 during the current quarter — also generated $132 million in cash from operations. After a stock repurchase program, it finished the quarter with $1.11 billion in cash and investments.
F5 is now trading in after-hours at $114.20, up 5.69 percent. It boasts a market value of $8.6 billion.
Looking ahead, the networking equipment maker said that it expects revenue of $332 million and $337 million for the fiscal second quarter. It expects net income of $67.6 million to $69.2 million.
Previously on GeekWire: Newsmakers 2011: F5′s John McAdam quietly creates a billion dollar business