Seattle-based F5 Networks saw its stock increase more than eight percent in after hours trading following the company’s fiscal first-quarter earnings report, one which showed net income coming in at $68 million on revenues of $406.5 million. That compares to net income of $69.5 million for the same period last year, on revenues of $395.3 million.
The fiscal first quarter results were better than what analysts expected from the maker of networking software and hardware, with the consensus among analysts estimates that the company would post revenue of $396.27 million. F5 now has a market value of $7.5 billion.
“Reflecting our confidence in the company’s near-term prospects and our determination to continue investing in our long-term growth, we added another 165 employees during the first quarter of fiscal 2014,” said CEO John McAdam in a release. “We remain confident that the momentum we saw in the last two quarters will continue through the current quarter and into the back half of the year.”
F5, which expects revenue for the current quarter in the range of $408 million to $418 million, also authorized a $500 million stock repurchase program.
