F5 Networks
Q3 2022 Earnings Call
Jul 25, 2022, 4:30 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good afternoon, and welcome to the F5, Inc. third quarter fiscal 2022 financial results conference call. [Operator instructions] As a note, today's conference call is being recorded. If anyone has any objections, please disconnect at this time.
I would now like to turn the call over to Ms. Suzanne DuLong. Ma'am, you may begin.
Suzanne DuLong -- Vice President, Investor Relations
Hello, and welcome. I am Suzanne DuLong, F5's vice president of investor relations. Francois Locoh-Donou, F5's president and CEO; and Frank Pelzer, F5's executive vice president and CFO, will be making prepared remarks on today's call. Other members of the F5 executive team are also on hand to answer questions during the Q&A session.
A copy of today's press release is available on our website at f5.com, where an archived version of today's audio will be available through October 24, 2022. Visuals accompanying today's discussion are viewable on the webcast and will be posted to our IR site at the conclusion of the call. To access the replay of today's call by phone, dial (888) 674-7070 or (416) 764-8692 and use meeting ID 468081. The telephonic replay will be available through midnight Pacific Time, July 26, 2022.
Please note that F5 has no duty to update any information presented in this call. With that, I will turn the call over to Francois.
Francois Locoh-Donou -- President and Chief Executive Officer
Thank you, Suzanne, and hello, everyone. Thank you for joining us today. In Q3, we delivered above the midpoint of our revenue guidance and well above the top end of our non-GAAP EPS guidance. Software growth of 38% drove 4% revenue growth year over year, partially offsetting continued supply chain constraints for systems.
Overall, we delivered 5% product revenue growth. While supply chain challenges continue to limit our ability to ship systems, our demand signals remain strong, and we remain ahead of our initial FY '22 demand plan. While we have not seen meaningful improvement in supply volumes in the last three months, we also have not seen further deterioration. In general, our suppliers' commitment held up better in Q3 than in previous two quarters.
Based on what we see today, we continue to expect our ability to ship systems will improve during our second quarter of fiscal 2023 as a result of our efforts to design out the most constrained component and the additional capacity our key suppliers expect beginning in the last calendar quarter of 2022. We likewise continue to expect that fiscal Q1 2023 will be the low point in systems revenue. We continue to see our growth opportunity fundamentally tied to applications, to the growing number of apps, as well as increased usage and heightened business value. In Q3, we saw strong demand as customers added, scaled and secured their applications with demand for security and from our service provider vertical, fueling sales in the quarter.