Q3 earnings: Juniper meets expectations, Akamai beats
Network equipment maker Juniper Networks on Tuesday reported its third quarter financial results, which were effectively in line with market expectations.
The Sunnyvale, Calif.-based company reported a non-GAAP net income of $211.1 million, or 55 cents per share. That amounts to a decrease of 5 percent year-over-year and 4 percent sequentially. Revenue for Q3 came to $1.258 billion, down 2 percent year-over-year and 4 percent sequentially.
Wall Street was expecting earnings of at least 55 cents per share on revenue of $1.26 billion.
Revenue for the quarter was negatively impacted by the timing of switching deployments, CEO Rami Rahim said in a statement. However, he said the company also "made significant progress" on executing its cloud strategy.
"We believe our deliberate and intentional strategy of focusing on cloud-oriented architectures and solutions has resulted in a strong footprint and a compelling product pipeline," Rahim said.
For Q4, Juniper expects to see a non-GAAP EPS between 49 cents and 55 cents. It expects revenues around $1.23 billion, plus or minus $30 million, reflecting continued large deployment timing delays.
Akamai also reported its third quarter results on Tuesday, beating market expectations.
The cloud services provider posted non-GAAP earnings of 62 cents a share on revenue of $621 million, up 6 percent from a year ago.
Wall Street was looking for earnings of 59 cents a share on revenue of $610.7 million.
"Akamai delivered another strong quarter of top and bottom line performance," CEO Tom Leighton said in a statement. "Revenue achievement in the quarter was driven by continued strong growth of our Cloud Security Solutions and an acceleration of traffic growth in our Media business."
Specifically, Cloud Security Solutions revenue -- a component of the Performance and Security category -- came to $121 million, up 27 percent year-over-year. Overall, the Performance and Security Solutions category posted revenue of $381 million, up 11 percent year-over-year.
Media Delivery Solutions revenue was $183 million, down 3 percent year-over-year, while Services and Support Solutions revenue was $57 million, up 12 percent.