F5 Networks reports sales of $569 million, up 5% YoY

F5 Networks reported revenue of $569.3 million for the first quarter of its fiscal year 2020, up 5% from $543.8 million in the first quarter of fiscal year 2019, driven by software solutions revenue growth of 50%.

GAAP net income for the first quarter of fiscal year 2020 was $98.5 million, or $1.62 per diluted share compared to first quarter fiscal year 2019 GAAP net income of $130.9 million, or $2.16 per diluted share.

Non-GAAP net income for the first quarter of fiscal year 2020 was $155.4 million, or $2.55 per diluted share

“To better meet our customers’ changing application demands we have invested to deliver our world-class applications services across a wider range of deployment and consumption models,” said François, Locoh-Donou, CEO and President of F5 Networks. “As a result, customers are increasingly deploying F5 in multi-cloud environments, driving a revenue mix shift toward software. During our first quarter, customer demand for our software solutions and related services and support drove 50% software revenue growth and 5% revenue growth.”