Juniper Networks on Tuesday reported substantial growth in both profit and revenues for its fiscal third quarter, but its results fell just shy of Wall Street expectations, causing its shares to slump after-hours.
For its fiscal third quarter, Juniper reported profit of $134.5 million, on 25 cents per share, up 61 percent percent from the $83.8 million, on 16 cents per share, it reported in the year-ago quarter. Revenues were $1.01 billion, up 23 percent from the $823.9 million in the same quarter last year. Product revenues grew 26 percent, Juniper reported, and service revenues grew 11 percent.
While solid, the results did miss expectations; analysts were expecting earnings of 32 cents per share on revenue of $1.02 billion. The result drove Juniper shares down as much as 9.7 percent in after-hours trading Tuesday.
Juniper CEO Kevin Johnson said Juniper's results reflected the company's ability "to deliver on the promise of the New Network with cost effective solutions that scale to meet growing network demand."
Johnson added that Juniper is on track to report 20 percent or better revenue growth for its fiscal year, following a 2009 that saw sales fall for Juniper for the first time since 2002.
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