SUNNYVALE, Calif. (AP) – Computer networking company Juniper Networks Inc. said it posted a $163 million profit and a 19 percent year-over-year revenue increase in preliminary first-quarter results released Tuesday.
Juniper reported preliminary first-quarter earnings of $163.1 million, or 30 cents per share, compared with a loss of $4.5 million, or 1 cent per share, in the year-ago period.
The earnings results include a nonrecurring income tax benefit of $54.1 million, or 10 cents per share, related to a change in the tax treatment of stock-based compensation in research and development cost-sharing arrangements for certain U.S. multinational companies.
Revenue climbed 19 percent to $912.6 million, according to the preliminary results.
Analysts surveyed by Thomson Reuters expect first-quarter earnings of 26 cents per share on revenue of $906 million.
Shares gained 38 cents to $31.56 in Tuesday trading.