Juniper Networks Sees Disappointing Results
{{#rendered}} {{/rendered}}Networking company Juniper Networks Inc. on Thursday said fourth-quarter earnings would fall short of Wall Street forecasts by 50 percent and revenues would also be disappointing due to the continued weak economy and caution by its customers.
Sunnyvale, California-based Juniper said it expects revenues for the quarter of $150 million to $155 million, down from its earlier guidance of $200 million.
It said it expects pro forma earnings of about 5 cents per share. Analysts' consensus earnings estimate is 10 cents per share, with forecasts ranging from 8 cents to 11 cents, according to Thomson Financial/First Call.
{{#rendered}} {{/rendered}}Juniper, which competes with networking giant Cisco Systems Inc., said its revised expectations resulted from caution on the part of its service provider and customers, given current market conditions.
``We will continue to focus on our financial metrics and our ongoing profitability, despite the challenging environment,'' Juniper Chairman and Chief Executive Scott Kriens said in a statement.
Juniper shares ended Wednesday at $22.93 on the Nasdaq market.