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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