F5 Networks' net income drops

SEATTLE, USA: Application Delivery Networking solutions provider F5 Networks’ net income dipped by 20.5 per cent in the first quarter of fiscal 2008.

The company posted a net income of $17.8 million as compared to $22.4 million registered in the corresponding quarter previous year. Revenue was at $154.2 million, up 28.5 per cent from Q1 2007.

For the second quarter, ending March 31, 2008, the company has projected revenue of $158-160 million with a GAAP earnings target of $0.21-0.22 per diluted share. Excluding stock-based compensation expense, the company’s non-GAAP earnings target is $0.33-0.34 per diluted share.

Despite signs of a weaker global economy, John McAdam, the company’s president and CEO, said that he believes the company’s business is fundamentally sound and management remains confident that F5 can continue to grow sequentially throughout fiscal 2008.

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