Juniper tops 3Q expectations but weak revenue outlook hurts shares after hours
Juniper Networks Inc. on Thursday reported a better-than-expected third quarter and announced plans to increase its share repurchases. But a weak fourth-quarter outlook sent the computer network equipment maker's shares down in extended trading.
The Sunnyvale, California-based company reported a third-quarter profit of $103.6 million, or 23 cents per share. On an adjusted basis, it earned 36 cents per share. Analysts surveyed by Zacks Investment Research were anticipating earnings of 35 cents per share.
Juniper posted revenue of $1.13 billion in the period, exceeding analyst forecasts of $1.12 billion.
The company also said that its board has increased its share repurchase authorization by $1.1 billion. The company had previously planned to return $3 billion shareholders over a three-year period ending in 2016.
Juniper said that it expects to earn 28 to 32 cents per share for the current quarter on revenue between $1.03 billion to $1.08 billion. Analysts were anticipating 41 cents a share on revenue of $1.19 billion, according to FactSet.
Its shares added 64 cents to close at $20.32 before the earnings report and dropped 1 percent to $20.10 in extended trading following the report.