F5 Inc. (NASDAQ:FFIV) announced its first-quarter financial results, outperforming the average expectations of analysts. As a consequence, shares rose more than 2% intra-day on Tuesday.

The company reported a net revenue of $692.6 million, which, despite being a 1.1% decrease from the previous year, was above the anticipated $684.8 million. Its adjusted earnings per share (EPS) reached $3.43, significantly surpassing last year’s figure of $2.47 and the expected $3.04.

Following these strong results, F5 has updated its fiscal year 2024 adjusted EPS outlook. The company now expects a growth rate of 6% to 8%, an increase from the earlier projection of 5% to 7%. This upward revision is attributed to a lower than initially anticipated tax rate for the fiscal year.

Looking ahead to the second quarter of fiscal year 2024, F5 forecasts its revenue to be in the range of $675 million to $695 million. The non-GAAP earnings for the quarter are projected to be between $2.79 and $2.91 per diluted share.

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