NEW YORK (AP) — Shares of F5 Networks Inc., which provides corporate networking equipment and services, jumped in premarket trading Thursday after the company posted an increase in revenue and net income for its latest quarter, beating analyst expectations.
The stock was up $8.55, or 7.9 percent, to $117.01 in premarket trading.
Late Wednesday, F5 said that strong sales in Asia and North America boosted its fiscal first quarter net income by 19 percent to $66.5 million, or 83 cents per share.
Excluding the cost of stock-based compensation, the company said it would have earned $1.03 per share. Analysts on average expected adjusted earnings of $1.01 per share, according to FactSet.
Revenue rose 20 percent to $322.4 million, topping analysts’ forecast of $319.4 million.
For the current quarter, which ends March 31, the company said it expects adjusted earnings of $1.05 to $1.07 per share on revenue of $332 million to $337 million. Analysts were looking for earnings of $1.05 per share on revenue of $330.9 million.
Analysts called the results solid and raised the estimates slightly, but saw no reason in the results to change their fundamental views of the company.