Juniper results up; forecast down
Juniper Networks Inc.'s first-quarter results were right on target, but the company lowered its forecast for 2001.
Chair and CEO Scott Kriens credited in part the company's focus on financial fundamentals, but affirmed the continued growth and execution of Juniper, regardless of "the challenges of today's economy," he said in a statement.
Net income reached $58.6 million or 17 cents a share, up from $8.1 million and 2 cents a share for the same period last year.
Customers' decreased spending, however, has the company warning that earnings and revenue for 2001 would be lower than projected — $1.2 billion to $1.3 billion in revenue, instead of $1.5 billion to $1.6 billion, The Wall Street Journal reports.
The results were announced a day after Juniper's M-series routers were chosen by Tiscali, a European ISP, for Tiscali's core IP backbone in Europe. Tiscali also recently certified Juniper as a preferred vendor of core routers.
Tiscali's next step in its European rollout includes deployment of Juniper's M40 routers across its backbone throughout Germany, Juniper reports.