Juniper Networks (NYSE:JNPR) reported its latest quarterly earnings results after hours today, bringing in a profit that was stronger than what analysts expected despite falling 7% year-over-year, while revenue also beat the mark but fell 7%, helping to lift JNPR stock after hours.
The Sunnyvale, Calif.-based software maker posted fiscal 2019 first-quarter sales of $1 billion, sliding 7% when compared to its year-ago quarter, but topping the $982.95 million that analysts called for. Its GAAP net income was $31.1 million, or 9 cents per share, falling 10% year-over-year.
Juniper Networks added that it amassed adjusted net income of $92.7 million, or 26 cents per share, which was also down 7% when compared to the company’s first quarter of its fiscal 2018. The figure did surpass the adjusted earnings of 21 cents per share that the Wall Street consensus estimate predicted.
The business had a GAAP operating margin of 4.3% down from the 5.1% it had during the year-ago quarter, while its non-GAAP operating margin was 11.2%, down from the 12.3% of the year-ago quarter. “The first quarter played out largely as we expected, with slightly better than forecasted sales across each of our core verticals,” said Rami Rahim, CEO, Juniper Networks.
“While we are pleased with the progress we experienced versus our guidance, we are not satisfied with these results and remain focused on delivering a return to growth later this year,” he added.
JNPR stock is up 2.3% after the bell thanks to the company’s strong quarterly performance. Shares had been sliding 2.1% during regular trading hours in anticipation of Juniper’s results.
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