Juniper Networks beats Q1 earnings expectations

Juniper Networks reported first quarter earnings after the bell on Tuesday.

The networking equipment maker reported a net income of $110.6 million, or 22 cents per share (statement).

Non-GAAP earnings were 29 cents per share on a revenue of $1.17 billion, down eight percent sequentially but up 10 percent annually.

Wall Street was looking for earnings of 29 cents per share on a revenue of $1.15 billion.

Highlighting success for the Cloud-Builder and High IQ networking platforms within the service provider and enterprise markets, CEO Shaygan Kheradpir reflected on the quarter in prepared remarks:

I am very pleased with the disciplined approach we have taken with our Integrated Operating Plan. We have sharpened our focus on Cloud-Builders and High IQ networks with the ensemble of our products in routing, switching, security, network management, control and analytics; we have implemented an optimized One-Juniper structure; and we introduced a robust capital allocation program. While there is still work to do, I am confident that we have the right strategy in place to drive profitable growth and deliver significant value to shareholders.

For the current quarter, Wall Street expects Juniper to deliver earnings of 36 cents per share on a revenue of $1.21 billion.

Juniper followed up with a revenue guidance range of $1.2 billion to $1.23 billion with earnings between 36 and 39 cents per share.