Juniper earnings exceed analyst expectations
The company reports second-quarter earnings that double the expectations of analysts on strong sales of its Internet routing devices.
Net earnings for the period were $28.6 million, or 8 cents per share, on revenues of $113 million. That compares with a net loss of nearly $3 million, or 3 cents per share, on revenues of $17.6 million in the same period in 1999.
Analysts expected Juniper to earn 4 cents per share, according to a survey by First Call/Thomson Financial.
Including amortization of goodwill, deferred compensation and charitable contribution charges, Juniper earned $19.6 million, or 6 cents per share, for the quarter.
At the 1 p.m. PT close of regular trading today, Juniper shares were up $17.56 to $169.50. The earnings report was issued after the close of regular trading.
Juniper chief executive Scott Kriens attributed his company's momentum to the continued growth of the Internet.
"As we continue towards the next milestone in building Juniper Networks into a franchise, we remain focused on relentless execution," Kriens said in a statement.