Shares of Juniper Networks Inc. (JNPR) dropped over 6% in extended trading on Thursday following the release of their quarterly results. The company also issued a warning, stating their expectation of “continued weakness in bookings, particularly with our Cloud and, to a lesser extent, our Service Provider customers.”
Financial Outlook
Juniper reported a net income of $24.4 million, or 7 cents per share, for the fiscal second quarter. This is a significant decline from the net income of $113.4 million, or 35 cents per share, reported in the same quarter of the previous year. However, when considering adjusted earnings, the figure stands at 58 cents per share.
Furthermore, the company’s total net revenue increased to $1.43 billion from $1.27 billion in the previous year.
For the third quarter, Juniper is forecasting approximately $1.385 billion in revenue. This falls short of the $1.476 billion forecast by analysts on FactSet.
Analyst Expectations
FactSet analysts had initially predicted that Juniper would have a second-quarter net income of 54 cents per share with a revenue of $1.42 billion.
Stock Performance
Shares of Juniper Networks have experienced a 7% dip so far this year, contrasting the broader S&P 500 index’s 19% increase.
Juniper Networks is aware of the challenges ahead, as they face continued weakness in bookings and strive to meet the expectations of both market analysts and shareholders.
