Juniper Shares Drop on Cut Fourth-Quarter Sales, Profit Forecast
January 10, 2012, 2:26 AM ESTBy Ari Levy
Jan. 9 (Bloomberg) -- Juniper Networks Inc. tumbled after cutting its forecasts for fourth-quarter revenue and profit, citing weaker-than-expected demand for routers from service providers.
Sales were $1.11 billion to $1.12 billion in the fourth quarter, compared with an earlier company prediction for sales of $1.16 billion to $1.22 billion. Per-share earnings, excluding certain expenses, were 26 cents to 28 cents, compared with 32 cents to 36 cents, Sunnyvale, California-based Juniper said in a statement today.
The stock fell 6.4 percent to $20.15 in extended trading after the revised outlook was released.
To contact the reporter on this story: Ari Levy in San Francisco at alevy5@bloomberg.net
To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net
