Juniper Networks beats Q1 estimates despite revenue declines
Network equipment maker Juniper Networks published its first-quarter financial results on Tuesday.
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The Sunnyvale, Calif.-based company reported a net income of $34.4 million, or 10 cents per share. Non-GAAP earnings were 28 cents per share on revenue of $1.2 billion, down 11 percent year over year.
Wall Street was expecting earnings of 26 cents per share on revenue of $1.05 billion.
The company ended the quarter with $3.5 billion in cash, equivalents, and investments, compared to $4 billion at the end of the same quarter a year ago.
In a prepared statement, Juniper CEO Rami Rahim said the company was encouraged by growth in its cloud products and is still on target to return to growth by the December quarter.
Juniper CFO Ken Miller added:
"While our margins came in below historical levels during the March quarter, we met the profitability targets we set for the period, which enabled earnings to come in at the high-end of guidance. We remain focused on capturing efficiencies and expect profitability levels to improve sequentially through the course of 2018."
For its fiscal second-quarter earnings, Juniper said it expects revenues to land around $1.8 billion. Non-GAAP earnings per share are expected to come in at 44 cents, plus or minus $0.03. Wall Street was looking for 43 cents a share on revenue of $1.16 billion.
Juniper shares were up just above one percent in after market trading.