F5 Networks 3rd-quarter profit rises
Wednesday July 22, 2009, 6:18 pm EDT
F5 Networks net income rises in 3rd quarter, ahead of expectations, on better sales
SEATTLE (AP) -- F5 Networks Inc., which makes products that manage and route computer network traffic, said Wednesday profit for the fiscal third quarter rose 19 percent as demand appeared to stabilize.
Its shares rose $1.42, or 4 percent, to $37.25 during aftermarket trading.
Profit for the three months ended June 30 rose to $22.8 million, or 29 cents per share, from $19.1 million, or 23 cents per share last year. Excluding a stock-option expense, net income was 40 cents per share.
Analysts polled by Thomson Reuters, on average, predicted a profit of 37 cents per share. Analysts estimates typically exclude one-time items.
Revenue fell 4 percent to $158.2 million from $165.6 million a year ago, beating analyst predictions of revenue of $153.6 million.
"Customer buying patterns did appear to stabilize during the third quarter," CEO John McAdam said, although he cautioned it is still to early to know whether the worst of the economic environment is over.
The company also gave fourth-quarter guidance above expectations.
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