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Juniper says network gear sales delays to hit revenue

* Sees Q3 earnings $0.35-$0.40/shr vs est $0.44

* Sees Q3 revenue $1.15 bln-$1.2 bln vs est $1.26 bln

* Shares down 5 pct in extended trading (Adds company executive comments, details)

By Abhirup Roy

July 22 (Reuters) - Juniper Networks Inc forecast current-quarter revenue and profit below analysts' expectations, citing delays in closing the sale of its routing devices to some customers in North America.

Juniper's shares fell 5 percent in extended trading.

Chief Executive Shaygan Kheradpir said "market dynamics", including mergers and acquisitions, were impacting the timing of projects undertaken by some U.S.-based service providers to which Juniper sells its network equipment.

"The impact is going to be more on our routing, rather than switching and security," he said on a post-earnings conference call.

Routing accounts for more than two-thirds of the revenue that Juniper earns from selling its products. The company's customers include Verizon Communications Inc and AT&T Inc .

Juniper is not alone in experiencing delays. Rival network gear maker Riverbed Technology Inc said last week that its second-quarter adjusted revenue would miss its forecast because of delays in closing some large North American deals.

Juniper expects the impact of these delays to continue into the fourth quarter, Chief Financial Officer Robyn Denholm said on the call.

The company, however, expects full-year revenue to grow, said Kathleen Nemeth, vice-president of investor relations.

For the third quarter now under way, Juniper forecast adjusted profit of 35 to 40 cents per share on revenue of $1.15 billion to $1.2 billion.

Analysts on average were expecting a third-quarter profit of 44 cents per share on revenue of $1.26 billion, according to Thomson Reuters I/B/E/S.

For the second quarter ended June 30, Juniper reported revenue of $1.23 billion, a better-than-expected 7 percent rise, as telecom carriers spent more on ramping up networks. Net income more than doubled to $221.1 million.

Juniper also said it would sell its Junos Pulse product portfolio to Siris Capital for about $250 million and repurchase a minimum of $550 million of common stock, in addition to its existing $1.2 billion buyback plan.

The company declared its first ever quarterly dividend of 10 cents per share, which will be paid out on Sept. 23.

Juniper's stock has risen nearly 10 percent from the start of the year to Tuesday's close of $24.82.

(Additional reporting by Subrat Patnaik; Editing by Joyjeet Das, Don Sebastian and Robin Paxton)