F5 Reports Narrowed Q1 Loss

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F5 Networks on Wednesday narrowed its first-quarter loss and beat expectations by a penny.

For the quarter ended Dec. 31, the Seattle-based vendor of Internet traffic management products reported a loss of $2.1 million, or 8 cents per share, compared to a loss of $8.9 million, or 41 cents per share, the same quarter last year.

Wall Street analysts expected a loss of 9 cents per share, according to First Call/Thompson Financial.

Revenue for the quarter reached $27 million, up from $24.7 million the same quarter a year ago.

F5 President and CEO John McAdam attributed the smaller than expected loss to operational improvements that boosted the company's gross margin and reduced operating expenses.

"Looking forward, I believe the discipline reflected in our operating results and balance sheet improvements will enable us to leverage future revenue growth to achieve break-even or better results in fiscal Q3," McAdam said in a statement.

The company expects to report a second-quarter loss between 4 cents and 6 cents per share on sales ranging from $27.5 million to $29 million, according to the statement.

Shares of F5 closed down 11 cents at $19.02 prior to the announcement.

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