Shares of Juniper Networks Inc.
JNPR,
dropped more than 6% in extended trading Thursday after the company reported quarterly results and warned it expects “continued weakness in bookings, particularly with our Cloud and, to a lesser extent, our Service Provider customers.” Juniper reported fiscal second-quarter net income of $24.4 million, or 7 cents a share, down from net income of $113.4 million, or 35 cents a share, in the year-ago quarter. Adjusted earnings were 58 cents a share. Total net revenue increased to $1.43 billion from $1.27 billion a year ago. Juniper is forecasting about $1.385 billion in third-quarter revenue, short of the $1.476 billion forecast by analysts on FactSet. Analysts surveyed by FactSet had expected on average second-quarter net income of 54 cents a share on revenue of $1.42 billion. Shares of Juniper Networks have dipped 7% so far this year, while the broader S&P 500 index
SPX,
has increased 19%.
