F5 Networks reported revenue of $700 million for its first quarter of fiscal year 2023, up 2% from from $687 million in fiscal year 2022. Global services revenue grew 5% from the year-ago period while product revenue declined 1%, reflecting 3% software revenue growth and a 4% decline in systems revenue from the year-ago period.
GAAP net income for the first quarter of fiscal year 2023 was $72 million, or $1.20 per diluted share compared to $94 million, or $1.51 per diluted share, in the first quarter of fiscal year 2022.
Non-GAAP net income for the first quarter of fiscal year 2023 was $149 million, or $2.47 per diluted share, compared to $179 million, or $2.89 per diluted share, in fiscal year 2022.
“We continue to expect 9% to 11% revenue growth for the year, though the mix may look different than what we expected three months ago,” continued Locoh-Donou. “We remain committed to maintaining double-digit non-GAAP earnings growth this year and on an annual basis going forward and we will continue to evaluate our cost base and take further action as needed to achieve this goal.”
