F5 Networks says to buy back additional $1 billion in shares

Reuters News
Posted: Apr 20, 2016 4:21 PM

(Reuters) - Network equipment maker F5 Networks Inc reported a slightly higher second-quarter revenue and said it would buy back an additional $1 billion worth shares.

Shares of the company rose 3 percent in after hours trading.

The company, which makes software and devices to monitor and manage Internet traffic, said total revenue rose 2.4 percent to $483.7 million in the second quarter ended March 31.

Net income dropped to $75.4 million, or $1.11 per share, from $85.7 million, or $1.18 per share.

F5, whose customers include Facebook Inc, Alibaba Group Holding Ltd and the U.S. government, forecast third-quarter adjusted earnings of $1.77-$1.80 per share and revenue of $490-$500 million.

(Reporting by Alan John Koshy in Bengaluru; Editing by Savio D'Souza and Sayantani Ghosh)