F5 Networks today posted strong financial results for its fiscal second quarter, sending shares of the Seattle company on a rocket ride. The stock gained seven percent in regular trading, and was up another 11 percent after the closing bell. F5, which makes hardware and software to speed up the delivery of applications on the Internet, posted net income of $55.6 million on revenue of $227.6 million. That compared to net income of $33 million and revenue of $206 million for the same period last year.
The company’s non-GAAP earnings per share came in at 88 cents, beating Wall Street projections by two cents, according to Forbes.
“F5’s solid sequential and year-over-year revenue growth in the second quarter was driven by continuing strength in the Americas and APAC,” said John McAdam, president and chief executive officer.
The company, which added 125 employees during its fiscal second quarter, generated $91 million in cash from operations. It ended the quarter just shy of $1 billion in cash, coming in at $997 million.
That’s a lot of cash on the books, and the company, which has been discussed as a potential acquisition target, could go on its own buying spree if it chose too.
The company also sees good things ahead. It projects revenue of $287 million to $292 million for the current quarter, and earnings per share of 89 cents to 91 cents. Wall Street analysts have been projecting $290.3 million and 89 cents.