F5 stock rallies 10% as earnings beat Street view

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F5 Inc. shares rallied in the extended session Monday after the cloud security company topped expectations for the quarter.

F5
FFIV,
+0.93%

shares surged more than 10% after hours, following a 0.9% rise to close the regular session at $150.21.

The Seattle-based company reported that fiscal third-quarter net income rose to $89 million, or $1.48 a share, from $83 million, or $1.37 a share, from a year ago. Excluding one-time items, the company would have reported earnings of $3.21 a share for the latest quarter.

Revenue rose to $702.6 million from $674.5 million in the year-ago period. Analysts surveyed by FactSet Research estimated earnings of $2.86 a share on revenue of $698.9 million.

“We are delivering the gross margin improvement and operating leverage we committed to, and we are confident in our ability to achieve our target of double-digit non-GAAP earnings growth for fiscal year 2023,” said François Locoh-Donou, F5’s chief executive, in a statement.

For the fourth quarter, F5 forecast adjusted earnings of $3.15 to $3.27 a share on revenue between $690 million and $710 million. Analysts expect earnings of $3.22 a share on revenue of $702.3 million.

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