Juniper reports 15% increase in net revenues for Q2 2011

Net revenues for the second quarter reached $1,120.5 million

Tags: Juniper Networks Incorporated
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Juniper reports 15% increase in net revenues for Q2 2011 Juniper saw good perfromance in routing and a return to strength in switching, but was still effected by the macro-economic climate, said Johnson.
By  Georgina Enzer Published  July 30, 2011

Net revenues for the second quarter of 2011 rose 15% for Juniper Networks on a year-on-year basis and increased 2% sequentially, to $1,120.5 million.

The company posted GAAP net income of $115.6m, or $0.21 per diluted share, and non-GAAP net income of $167.2m, or $0.31 per diluted share, for the second quarter of 2011.

The non-GAAP net income per diluted share increased 3% compared to the second quarter of 2010 and decreased 3% compared to last quarter.

"Juniper's results reflect momentum in our routing business and a return to solid performance in switching. A number of factors, however, including mixed signals in the macro economy, impacted our performance this quarter," said Kevin Johnson, chief executive officer at Juniper Networks. "We are confident that our investment in innovation is generating a wave of great products that positions us well to deliver on our multi-year growth agenda."

Total cash, cash equivalents and investments as of the second quarter of 2011 was $4,220.5m, compared to $4,083.5m as of the first quarter of 2011 and $2,736.2m as of the same quarter of the prior year.

"We delivered solid year-over-year growth in the June quarter. However, we saw some moderation in certain areas of the business, which resulted in revenues coming in below our expectations. I'm pleased with our diligent expense control, which enabled us to generate earnings within our guidance range," said Robyn Denholm, chief financial officer at Juniper Networks. "We have taken decisive steps to ensure our cost structure takes into account the near term revenue environment while preserving investments that support our multi-year growth agenda."

Juniper repurchased approximately 3.9 million shares in the second quarter of 2011, at an average price of $38.94 per share, or approximately $150m.

Juniper estimates revenue for the third quarter ending September 30, 2011, to be in the range of $1.070bn to $1.120bn and that its non-GAAP gross margin will be in the range of between 65% and 67% in the third quarter.

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