Shares of networking equipment maker Juniper Networks (JNPR) are down $1.55, or 5%, at $28.99, and were lower than that at one point, after the company this afternoon reported revenue short of analysts’ estimates, and offered a somewhat weak year revenue projection.
Juniper’s Q3 revenue was up 23% from the prior-year period, at $1.01 billion, with profit per share coming in at 32 cents, excluding some costs; analysts had been expecting $1.02 billion and 32 cents.
Juniper’s non-GAAP operating margin improved slightly to 24.1% from 23.9% in the prior-year period, the company said, while non-GAAP product gross margin was also higher, at 69.5%. Revenue rose across all the company’s geographic regions of operation.
CEO Kevin Johnson said he expected customer demand to “remain healthy.”
For the year, Johnson said Juniper foresaw revenue rising “20% or higher,” though that is below analysts’ projections for revenue to rise 21%, to $4.01 billion.
Update: A spokesperson for Juniper contacted me later this afternoon to point out that the company believes the forecast of “20% or higher” for full year revenue growth is in line, not below, the 21% revenue growth forecast on the Street.
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