F5 Networks said Wednesday that its net income slipped 2 percent in its fiscal first quarter, but its adjusted earnings and revenue for the quarter beat Wall Street’s expectations.

The data networking company said demand for new products it launched during the year helped boost sales.

Shares jumped $11.81, or 12 percent, to $109.29 in after-hours trading. They closed at $97.48 Wednesday.

Net income fell to $68 million, or 87 cents a share, in the three months ending Dec. 31. That compares with net income of $69.5 million, or 88 cents a share, during the same quarter the year before.

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Adjusted to remove stock compensation and other special charges, the company reported earnings of $1.22 a share. That’s above the $1.19 per share analysts expected, according to FactSet.

Revenue rose 11 percent, to $406.5 million from $365.5 million. Analysts expected revenue of $396.7 million.

The Seattle company said its board of directors approved spending up to $500 million to buy back its own shares. That’s in addition to $281.3 million on its existing buyback plan that it hasn’t spent. Buying back company stock can lift earnings per share.