F5 Networks (NASDAQ:FFIV) shares experienced a significant surge of more than 10% in pre-market today following the release of its Q3 earnings report. The company's EPS for the quarter stood at $3.21, surpassing the Street estimate of $2.86.

F5 Networks achieved a 4% year-over-year revenue growth, reaching $703 million, which exceeded the Street estimate of $698.81 million. The company witnessed an 8% increase in global services revenue and a 1% rise in product revenue.

CEO François Locoh-Donou expressed confidence in the company's performance, noting the successful delivery of gross margin improvement and operating leverage. He reaffirmed their commitment to achieving double-digit non-GAAP earnings growth for fiscal year 2023. Looking ahead to Q4/23, F5 Networks anticipates an EPS range of $3.15 to $3.27, compared to the Street estimate of $3.22, and revenue in the range of $690 million to $710 million, compared to the Street estimate of $702 million.