F5 reported first quarter fiscal year 2022 GAAP revenue of $687 million, up 10% from GAAP revenue of $625 million and non-GAAP revenue of $626 million in the year-ago period. First quarter fiscal year 2022 GAAP and non-GAAP revenue growth was driven by 19% product revenue growth and 2% global services revenue growth over the prior year. Non-GAAP product revenue was driven by 47% software revenue growth and 1% systems revenue growth compared to the year ago period.
GAAP net income for the first quarter of fiscal year 2022 was $94 million, or $1.51 per diluted share compared to first quarter fiscal year 2021 GAAP net income of $88 million, or $1.41 per diluted share.
“Our customers’ need to grow and evolve the applications that support and drive their businesses led to strong demand for F5’s application security and delivery solutions, fueling 10% revenue growth in our first quarter,” said François Locoh-Donou, F5’s President and CEO. “Demand for software solutions was particularly strong, with non-GAAP software revenue growing 47% compared to the same period in the prior year.”
“Demand drivers across our business are as strong as they have ever been,” Locoh-Donou continued. “Customers increasingly see F5 as an innovator uniquely equipped to help them build and scale both their traditional and modern application environments with our software- and systems-based solutions.”
While demand for its solutions remains robust, the company expects that its ability to meet customers’ continued strong demand for systems will be restricted by supply chain constraints for the remainder of fiscal year 2022. As a result, it expects fiscal second quarter revenue in a range of $610 to $650 million. It further expects fiscal year 2022 revenue growth in a range of 4.5% to 8%, down from its prior expectation of 8% to 9% growth. The Company expects fiscal year 2022 software revenue growth near the top end of its previously provided 35% to 40% guidance range, and fiscal year 2022 global services revenue growth of 1% to 2%.
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