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Juniper Networks shares drop as it lowers third quarter revenue and earnings guidance

Juniper Networks chief executive Rami Rahim said the company is "disappointed" by its lower-than-anticipated revenue but remains focused on sustainable growth
computer
Sales to cloud computing operators missed expectations

Networking technology vendor Juniper Networks Inc. (NYSE:JNPR) has lowered its third quarter revenue and earnings guidance after sales to cloud computing operators fell short of expectations.

In reaction shares fell 5.62% to US$23.35 each in US pre-market trading.

Juniper now expects revenue in the third quarter to be in the range of US$1.25bn to US$1.26bn, below the previous guidance of US$1.29bn to US$1.35bn.

The company said the cut to estimates was primarily due to lower-than-expected revenue in cloud computing.

Juniper also reduced its adjusted earning per share expectations to 54 cents to 56 cents, from a previous projection of 55 cents a share to 61 cents a share.

“Although we are disappointed in our lower-than-anticipated revenue, we remain focused on operational excellence, cost efficiencies, and delivering long-term, sustainable growth," said chief executive Rami Rahim.

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January 24 2014
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