Juniper lowers Q1 earnings guidance, blames slower enterprise sales
Juniper Networks on Monday softened its first quarter revenue guidance ahead of the company's April 28 earnings release, citing weak demand from enterprise customers.
Juniper also blames the bad timing of certain deployments for U.S. and EMEA Tier 1 Telecoms for the impending revenue miss.
The company now expects Q1 revenue in the range of $1.09 billion to $1.10 billion, with earnings between 35 cents a share and 37 cents a share.
Previously, Juniper expected revenue to come in around $1.17 billion, give or take $20 million, with earnings between 42 cents a share and 46 cents a share.
Wall Street was expecting Juniper to report sales of $1.19 billion for the first quarter with non-GAAP earnings of 47 cents a share.
"Although we expect results to be lower than our initial guidance for the first quarter, we remain constructive on fiscal 2016 and expect growth from new products to contribute to our topline, coupled with our ongoing focus on cost discipline to drive non-GAAP operating margin expansion for the full year," Juniper CEO Rami Rahim said in a statement.