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F5 Networks (NASDAQ:FFIV) shares were trading more than 11% higher after-hours following the company’s Q3 results, with EPS of $2.57 coming in better than the consensus estimate of $2.24. Revenue grew 4% year-over-year to $674 million, beating the consensus estimate of $668.36 million.
Product revenue grew 5% year-over-year, including 38% software revenue growth. Systems revenue declined 18% year-over-year due to ongoing semiconductor shortages. Global services revenue was up 2% year-over-year.
The company expects Q4/22 EPS to be in the range of $2.45-$2.57, compared to the consensus of $2.28, and F5 revenue in the range of $680-700 million, compared to the consensus of $689.4 million.
The company also announced that its Board of Directors has authorized an additional $1 billion share repurchase program for its common stock, which is incremental to the $272 million remaining in the existing program.
