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F5 Networks (NASDAQ: FFIV) has reported financial results for the first quarter of 2023, reporting an increase in revenue and lower net income.
Net income for the first quarter, on a reported basis, was $72 million or $1.20 per share, compared to $94 million or $1.51 per share in the corresponding period in 2022. On an adjusted basis, earnings decreased 15 % per year to $2.47 per share.
Meanwhile, total revenue rose 2% from the year-ago period to $700 million in the first three months of 2023, with
global service revenue increased 5% and product revenue decreased 1%.
“We remain committed to maintaining double-digit nonGAAP earnings growth this year and every year going forward and we will continue to evaluate our cost base and take further actions to achieve this goal,” said F5 CEO François Locoh-Donou.
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