Shares of F5 Networks are tumbling in after hours trading after the Seattle maker of networking equipment announced that revenues will miss targets for its second fiscal quarter. The company siad that it expects revenues of $350.2 million, below the guidance of $370 million to $380 million. Earnings per share is expected in the range of 79 to 80 cents per share, compared to guifance of 93 cents to 96 cents per share.
F5 CEO John McAdam said that the company saw a slow down in North American sales.
“From a market perspective, Telco bookings were down sharply on both a sequential and year-over-year basis. U.S. Federal sales were also down significantly from the second quarter a year ago,” said McAdam. “Currently, we are looking into all the factors affecting the quarter’s results and we plan to provide more color during our regularly scheduled release and conference call on April 24.”
Shares of F5 fell more than 13 percent in after-hours trading.