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F5 Delivers Second Consecutive Quarter of Double - Digit Revenue Growth with 19 % GAAP and 18 % Non - GAAP Product Revenue Growth Apr 27 , 2021 4:05 PM SEATTLE -- ( BUSINESS WIRE ) -- F5 Networks , Inc. ( NASDAQ : FFIV ) today announced financial results for its fiscal second quarter ended March 31 , 2021 . “ The transformation we have worked persistently to achieve has put F5 at the center of applications , both traditional and modern , with a differentiated multi - cloud approach . As a result , we are benefiting from strong and sustainable macro growth drivers , which are ultimately powered by escalating application growth , ” said François Locoh - Donou , F5’s President and CEO . " Business and consumers ' increasing reliance on applications has accelerated all prior expectations about the pace of digital transformation and our customers across the globe are scaling their digital assets faster , resulting in growing demand for F5's application security and delivery solutions , " concluded Locoh - Donou . Second Quarter Performance Summary Second quarter fiscal 2021 GAAP revenue was $ 645 million , up 11 % from GAAP revenue of $ 583 million and up 10 % from non - GAAP revenue of $ 586 million in the second quarter of fiscal year 2020. Fiscal year 2021 second quarter non - GAAP revenue growth was driven by 18 % product revenue growth and 4 % global services revenue growth over the prior year . Non - GAAP product revenue growth was fueled by 20 % software revenue growth and 17 % systems revenue growth compared to the year ago period . GAAP net income for the second quarter of fiscal year 2021 was $ 43 million , or $ 0.70 per diluted share compared to second quarter fiscal year 2020 GAAP net income of $ 61 million , or $ 1.00 per diluted share . Non - GAAP net income for the second quarter of fiscal year 2021 was $ 155 million , or $ 2.50 per diluted share , compared to $ 136 million , or $ 2.23 per diluted share , in the second quarter of fiscal year 2020. Non - GAAP net income for the second quarter of fiscal year 2021 excludes $ 63 million in stock - based compensation , impairment charges of $ 34 million , $ 28 million in acquisition - related charges , $ 12 million in amortization of purchased intangible assets , and $ 5 million in facility - exit costs . A reconciliation of revenue , net income , earnings per share , and other measures on a GAAP to non GAAP basis is included in the attached Consolidated Income Statements . Additional information about non - GAAP financial information is included in this release . Business Outlook