F5 Networks, a corporate networking equipment and services company, said Wednesday that net income rose 16 percent in its fiscal third quarter, as product and service revenue improved.

But the Seattle company offered a forecast for the current quarter below analysts' expectations, and shares slipped in after-hours trading.

Although profit and revenue improved, F5 said growth slowed in the last quarter and it expects a further slowdown this quarter. President and CEO John McAdam said the company's fiscal fourth-quarter outlook reflects "the cautious spending environment in the current global economy."

Profit rose to $72.3 million, or 91 cents pa share, in the three months ended June 30. In the year-ago quarter it made $62.5 million, or 77 cents a share. Excluding one-time costs like charges related to acquisitions, stock-based compensation and other items, F5 earned $1.14 a share. Revenue climbed 21 percent, to $352.6 million.

Analysts expected adjusted income of $1.14 a share and revenue of $352.9 million, according to FactSet.

Product revenue rose 16 percent to $207.1 million on better sales of security products, and service revenue jumped 31 percent to $145.5 million.

In its fourth quarter, which ends Sept. 30, F5 is forecasting adjusted net income of $1.16 to $1.19 a share. It expects $360 million to $370 million in revenue, which implies growth of 14 to 18 percent.

Analysts had expected a profit of $1.23 a share and $376.8 million in revenue on average.

Shares of F5 Networks fell $1.07, or 1.1 percent, to $97.52 in after-hours trading Wednesday.