Infographic: A snapshot of F5 Networks (FFIV) Q1 2023 earnings report

F5 Networks (NASDAQ: FFIV) has reported financial results for the first quarter of 2023, reporting a modest increase in revenues and lower net profit.

Net income for the first quarter, on a reported basis, was $72 million or $1.20 per share, compared to $94 million or $1.51 per share in the corresponding period of 2022. On an adjusted basis, earnings dropped 15% annually to $2.47 per share.

Meanwhile, total revenue grew 2% from the year-ago period to $700 million in the first three months of 2023, with global services revenue rising 5% and product revenue dropping 1%.

“We remain committed to maintaining double-digit nonGAAP earnings growth this year and on an annual basis going forward and we will continue to evaluate our cost base and take further action as needed to achieve this goal,” said F5’s CEO François Locoh-Donou.