Wednesday, October 23, 2013

Juniper Posts Strong Q3 Numbers but Trims Ahead of Weaker Q4

Juniper Networks reported preliminary Q3 revenue of $1,186 million, up 3% from Q2'13 and up 6% from Q3'12.  Net income (GAAP) was $99 million or $0.19 per diluted share for the third quarter of 2013.

"We delivered our fifth consecutive quarter of year-over-year growth. Our performance reflects our continued ability to execute our strategy with agility in a dynamic macro environment," said Kevin Johnson , chief executive officer of Juniper Networks. "We continue to see strong demand from our service provider customers and gain traction in the enterprise. It is evidence that our innovative and differentiated product portfolio is aligned with the needs of our customers as they look to build the best networks for their businesses."

However, on an investor conference call, Juniper executives said the revenue forecast for the current quarter is weaker than previously expected.  As a result, the company is trimming about 3% of its workforce, or about 280 employees.