F5 holds up well in Q1


F5 holds up well in Q1

Alex Scroxton

Application delivery networking outfit F5 Networks has closed the first quarter of its fiscal 2010, posting healthy sequential and year-on-year growth on both product sales and service maintenance contracts.

The Seattle-based vendor made total sales of $191.2m in the three months to the end of December, up 9.2% sequentially and 15.5% year-on-year.

F5's GAAP net income also rose by 36.9% to $29.3m over the first quarter of its fiscal 2009.

Product revenues grew 10.5%, driving top-line growth, said president and chief executive John McAdam, while service maintenance contracts drove deferred revenue up 15.5% during the quarter.

"Our business in EMEA continues to be quite strong, with a20% increase in revenue from last quarter and a 15% increase from the first quarter of fiscal 2009," said McAdam.

"Customer buying patterns continue to stabilise and our near-term business outlook remains strong," he added.

Meanwhile, F5 has also announced it has signed up to NetApp's Alliance Partner Programme to develop a unified application and data delivery proposition.

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