A10 Networks reported revenue of $68.0 million, up 14.9% year-over-year. GAAP gross margin was 80.2%. GAAP net income was $10.4 million, or $0.13 per diluted share, compared with GAAP net income of $6.6 million, or $0.08 per diluted share in the second quarter of 2021.
Revenue growth was led by a 33.7% increase in the Americas year-over-year.
“Continued strong demand for our proprietary, security-led solutions, combined with sustained business execution, resulted in 14.9% top-line growth and overall performance that exceeded our ‘Rule of 40’ target,” said Dhrupad Trivedi, President and Chief Executive Officer of A10 Networks. “The increasing threat of cyberattacks, exacerbated by geopolitical events in Europe, Asia and elsewhere, make our security and infrastructure solutions a growing priority even as certain non-security investments are reprioritized due to macroeconomic concerns. We are capturing market share through better technology that helps our customers to achieve their business goals and we continue to invest in strategic growth opportunities. Simultaneously, our proven business model, including gross profit margins exceeding 80% and Adjusted EBITDA margins of 26% enable us to deliver consistent shareholder returns through share repurchases and a quarterly cash dividend.”
“We have been able to successfully navigate supply chain challenges and input cost pressures, as evidenced by our stable gross margins, and we expect these challenges will persist for some time,” continued Trivedi. “We reiterate our full year targets around top line growth of 10 – 12% and expanding EBITDA in the range of 26 – 28% of revenue.
