April 28 (Reuters) – Cybersecurity firm F5 raised its annual revenue growth forecast on Tuesday, betting on strong demand for its application and cloud security products as enterprises shore up digital protection efforts.
With the rapid advancement of artificial intelligence, companies are looking to modernize and upgrade their digital infrastructure, a trend benefiting companies such as F5 that provide web security and protection from bad actors.
• Shares of the company rose around 5% in extended trading.
• The company raised its annual revenue growth forecast to between 7% and 8%, compared with its earlier expectation of between 5% and 6%.
• It forecast third-quarter revenue of between $820 million and $840 million, compared with estimates of $818.8 million, according to data compiled by LSEG.
• F5 reported second-quarter revenue of $812 million, beating estimates of $781 million.
• The company reported profit per share of $2.58, compared with a profit of $2.48 per share, a year ago.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Tasim Zahid)
