For the quarter ended March 31 the Seattle network-traffic-monitoring company reported adjusted earnings of $2.23 a share, a decline from $2.57 in the year-earlier period.
Analysts surveyed by FactSet were expecting the company to report earnings of $2 a share.
Revenue rose 7% year over year to $585.6 million. Analysts were expecting $565.2 million.
"As a result of transforming F5 to a more software-driven business, we have built greater resiliency into our business model," Chief Executive Francois Locoh-Donou said in a statement.
"With 65% recurring revenue, $182 million in cash flow from operations and cash and investments totaling $1 billion at the end of our second quarter, we can weather the economic uncertainty resulting from the covid-19 pandemic and we are confident our multi-cloud vision, our investments, and our innovation are well aligned with both near- and longer-term customer demand."
That confidence is reflected in the company's third-quarter guidance.
The company expects revenue to range between $555 million and $585 million in the quarter with earnings of $1.91 to $2.13 per share.
Wall Street is expecting the company to report earnings of $2.04 a share on revenue of $571.3 million.
F5 reported increased demand for capacity as companies looked to scale their remote access capabilities to enable employees to work from home efficiently.
At last check, shares of F5 rose 11% to $144.88. In 2020 through Monday's trading, the stock had been down 6.3%.