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F5 Busts Out Big Q2

F5 Networks Inc. (Nasdaq: FFIV) turned in better than expected second-quarter earnings yesterday, but the celebration was doused in part by weak sales to the U.S. government and the Far East.

For its second quarter, which ended March 31, F5 posted revenues of $67.7 million. This figure was up 67 percent on the same period last year and topped analyst estimates of $64.83 million (see F5 Announces Q2 Results).

Despite the results, F5 stock took a hammering today, dropping $3.44 (7.29%) in the early going (see F5 Busts Out Big Q2 and F5 Announces Q2 Results).

Second-quarter earnings per share were 31 cents -- beating the consensus analyst forecast of 29 cents -- on net income of $12.1 million. For the second quarter of 2004, F5 reported net income of $6.0 million, or 16 cents per diluted share.

Execs on last night's conference call said that sales of the companys FirePass SSL VPN products helped drive the results. F5’s security revenues were $6.5 million, up 28 percent on the prior quarter.

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