Shares of F5, Inc. (FFIV) are slipping over 10% on Wednesday morning after the company lowered its revenue outlook for the full year 2022 due to supply chain constraints.
FFIV is currently trading at $173.47, down $20.44 or 10.54%, on the Nasdaq, on a volume of 1.2 million shares, above average volume of 0.5 million. The stock opened its trading at $172.79 after closing Tuesday's trading at $193.91. The stock has traded between $168.04 and $249.00 in the past 52-week period.
While reporting its results for the second quarter on Tuesday evening, F5 lowered its fiscal year 2022 revenue growth outlook to a range of 1.5% to 4% from its prior outlook for 4.5% to 8% growth. Analysts polled by Thomson Reuters currently estimate revenue growth of 6.10%.
The company said it continues to expect fiscal year 2022 software revenue growth near the top end of its previously provided 35% to 40% guidance range.
The company lowered its revenue outlook based on "near term supply chain constraints."
For fiscal third quarter, the company expects revenue in a range of $660 to $680 million. Analysts currently estimate revenues of $693.15 million.
"We have clear visibility to continuing strong demand drivers across our software and systems portfolio. Near term, our ability to ship to meet demand for our systems-based solutions is gated by ongoing component shortages," said CEO François Locoh-Donou. "We continue to work every possible angle to expand our supply availability to match the demand from our customers."
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