Juniper Networks posted first quarter earnings after the bell on Tuesday, growing revenue by 21% while hitting earnings that were in line with estimates. The stock initially rallied after hours.
Headquartered in Sunnyvale, California, Juniper reported its non-GAAP income per share for the first quarter of 32 cents, up 19% from the first three months of 2010. The number was in line with analysts’ consensus forecasts and was down 24% on a sequential basis. Net income was $129.8 million.
Juniper’s earnings came on top of $1.102 billion in revenues, a 21% gain from the same period a year ago, down 7% sequentially. The network products and services company announced its operating margin had fallen to 22.3% on a non-GAAP basis from 23.2% sequentially, 24.5% on a year-over-year basis.
“Juniper delivered solid results in the first quarter and continued to build on market momentum,” said Kevin Johnson, chief executive officer at Juniper Networks. “We are executing on our innovation roadmap with new solutions that define our vision of the new network. Innovation is at the core of our multi-year growth agenda.” (Read Apple iOS Actually Ooutreaches Android By 59% In US).
Looking forward, Juniper expects overall demand environment for Service Provider and Enterprise market to remain strong, while the effects of the Japanese crisis will be felt in the second quarter, read the release. Second quarter revenue is expected at $1.13 to $1.18 billion (an increase of 16% to 21%) with non-GAAP net income in the 31 to 34 cent range. Operating margins are estimated to be 22.5% plus or minus 0.5%.
Shares in Juniper had closed the session at $38.57, up 0.6%. In early afterhours trading, investors appeared please at the results, with the stock trading up 2.5% or 94 cents to $39.41 by 4:42 PM in New York.