Shares of cloud management company, F5 (NASDAQ: FFIV) gained in pre-market trading on Tuesday after the company announced fiscal Q3 results with adjusted earnings of $3.21 per diluted share versus $2.57 in the same quarter last year and above consensus estimates of $2.86 per share.
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The company’s third-quarter revenues went up by 4% year-over-year to $703 million and beating Street estimates by $2.81 million.
Looking forward, the management expects to generate revenues between $690 million and $710 million in fiscal Q4 with adjusted earnings likely to be in the range of $3.15 to $3.27 per diluted share.
François Locoh-Donou, F5’s President and CEO commented, “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.”
Analysts are cautiously optimistic about FFIV stock with a Moderate Buy consensus rating based on one Buy and two Holds.