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F5 Networks today reported revenue of $314.6 million for its fiscal fourth quarter, a 24 percent jump over the same period last year. That bump pushed the company above the $1 billion mark in revenue for its 2011 fiscal year — the first time that the milestone has been reached by the Seattle maker of networking equipment and software.

Revenue for the year came in at $1.15 billion, up 31 percent over the $882 million last year.

Net income for the quarter hit $67.6 million, up from $48.2 million for the same period as profit margins improved.

Shares of F5 fell more than four percent today, but regained nearly all of those losses in after hours trading. The stock was up more than four percent after the earnings announcement was released.

The company added 140 employees, increasing total headcount to 2,490. In a release, F5 CEO John McAdam said that demand of its Viprion 2400 product exceeded expectations.

“The fourth quarter of fiscal 2011 was a strong finish to the year,” McAdam said. “As we begin a new fiscal year, we anticipate that the seasonality we experienced in the first quarter of last year will be a recurring factor in our first quarter results going forward.”

The company said it expects revenue in the first quarter of the fiscal year in the range of $315 million to $320 million

In other news, the company also announced that its board has authorized a $200 million share repurchase program. Shares of F5 are down 31 percent on the year. The company now has a market value of $7.1 billion.

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