Demand for equipment is still growing, but Juniper warns that challenges remain.
Juniper Networks has some hard news for investors on Thursday, indicating that the market for networking equipment — previously seen as somewhat resistant to the downturn in IT spending — is also feeling the effects of the recession.
Yet there's still a reason for optimism: In spite of the current economic slowdown, demands on networks continue to grow — a fact that Juniper (NASDAQ: JNPR), which reported fourth-quarter and year-end results on Thursday, is counting on to help it weather the storm.
Juniper's full-year revenues grew 26 percent to $3.57 billion. That led to $511.7 million in net income, or 93 cents per share — an improvement over the $360.8 million or 62 cent per share it reported for 2007.
But during fourth quarter, Juniper missed Wall Street's revenue expectations, raking in $923.5 million — an increase of 14 percent, but less than the $936.5 million analysts had been anticipating, according to Reuters Estimates. Excluding one-time charges, fourth-quarter income increased 80 percent to 32 cents per share, in line with estimates.
The grimmest news, however, came when Juniper CEO Kevin Johnson cautioned that many of the company's service provider customers are delaying the delivery of equipment to spread out capital expenditures — a signal that the downturn that has stung other major IT areas has finally impacted networking.
«Bookings came in later in the quarter compared to past fourth quarters,» Johnson said. «Some customers have placed orders with future ship dates in and even beyond Q1.»
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