F5 cutting staff by 5-7 percent |
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Mass High Tech
F5 cutting staff by 5-7 percent
John McAdam
F5 Networks is trimming its staff by 5 to 7 percent after the company lowered expectations for the current quarter due to "further slowing in the overall economy."
Chief Executive John McAdam said in a statement that the company experienced a "sudden fall-off in North American sales" in the last week of December, with some of those deals pushed into the first part of the year. But McAdam also said several deals were postponed "indefinitely as customers evaluate their expense budgets in light of the continued recession."
F5, which develops software and hardware to help companies better manage Internet traffic, reported revenue of $165.6 million for its first fiscal quarter, up 7.4 percent over the same period last year. Net income rose to $21.4 million, up from $17.8 million.
Despite the layoffs and earnings warning, shares of F5 gained nearly 10 percent in after hours trading to $24 per share. Reuters reports that F5's current quarter estimates were largely above analyst expectations. The company plans to take a $4.5 million to $5.5 million charge related to the reduction in work force and restructuring.
F5 employs 1,710 people worldwide, meaning that as many as 120 people could lose their jobs. It finished the year with $487 million in cash and short term investments.
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