RTTNews | Jan 26, 2022 10:09AM EST

10:09 Wednesday, January 26, 2022 (RTTNews.com) - Shares of F5 Inc. (FFIV) tanked over 12% on Wednesday morning hurt largely by its outlook. FFIV is currently trading at $193.36, down $27.78 or 12.56%, on the Nasdaq.

Moving ahead, F5 said that demand for its solutions remains robust, however, the company expects its ability to meet customers' continued strong demand for systems will be restricted by supply chain constraints for the remainder of fiscal year 2022.

The company expects second-quarter revenues of $610 to $650 million. Analysts currently expect revenues of $682.29 million. It further expects fiscal year 2022 revenue growth of 4.5% to 8%, down from prior expectation of 8% to 9% growth. Analyst currently expect revenue growth of 8.30% for the full year.

F5 reported first-quarter profit of $93.56 million or $1.54 per share, compared to last year's profit of $87.68 million or $1.43 per share.

Adjusted earnings for the quarter were $179.03 million or $2.89 per share for the period. Analysts polled by Thomson Reuters expected earnings of $2.78 per share. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 10.0% to $687.10 million from $624.62 million last year. Analysts had a consensus revenue estimate of $676 million.

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