Net revenue

Juniper Networks Meets Wall Street Expectations in Third Quarter, Generates $ 1.18 Billion in Net Revenue

Network equipment company Juniper Networks reported better-than-expected financial results in the third quarter, with non-GAAP net income of $ 152 million, a 5% year-over-year increase.

Non-GAAP diluted earnings per share is $ 0.46 and net sales are $ 1.188 billion, which almost matches Wall Street’s expectations of $ 1.2 billion and 0.46 $ earnings per share.

See also: Juniper Networks is exceeding Wall Street expectations for the second quarter and expects higher supply costs for the third quarter.

Shares of Juniper Networks are up 1.71% to $ 27.02 in after-hours trading.

“We recorded a fifth consecutive quarter of year-over-year revenue growth and a second consecutive quarter of exceptional order growth in the third quarter period,” Juniper CEO Rami Rahim said on Tuesday. .

Juniper Networks expects to generate approximately $ 1.26 billion in sales, plus or minus $ 50 million, in the fourth quarter. Non-GAAP net earnings per share will be approximately $ 0.53, plus or minus $ 0.05.

In April, chief financial officer Ken Miller said the company “faces continued supply constraints that have resulted in extended delivery times”, attributing the slowdown to the “global semiconductor shortage affecting many industries.”

The company included a similar message in July, reminding investors that there is still a global semiconductor shortage, caused in part by the COVID-19 pandemic. They reiterated that there will be extended delivery times and high costs that “will persist at least into the next few quarters.”

Today Miller said the company “performed extremely well despite the challenging supply chain environment and demonstrated strong financial management during the September quarter.”

“Our strong order momentum, record backlog and actions to strengthen our supply chain give us confidence in our prospects for future growth and in our ability to improve our profitability in 2022 and beyond,” Miller added. .

Juniper Networks bought Apstra for an undisclosed sum in January and spent $ 450 million to acquire 128 Technology Inc. in October 2020.