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The networking market continues to show little sign of an early recovery.

Juniper Networks, the main competitor to Cisco Systems in high-end routers, yesterday posted net revenues for Q1 2002 of $122.2 million, 63 per cent down on the $332.1 million for the same period last year.

Juniper recorded a net loss of $46m for the quarter, compared with net income of $58.6 million in Q1 2001. It's the firm's fourth consecutive loss-making quarter.

Q1 losses takes into account teh amortisation of deferred compensation of $13.6 million, amortisation of purchased intangibles of $1.6 million and write-downs in equity investments totalling $30.6 million.

Scott Kriens, Chairman and CEO of Juniper Networks, said the company remains financially healthy and "committed to investment and innovation across multiple markets."

He added the company is well positioned for industry recovery.

Whenever that happens: Juniper doesn't expect to see much recovery in revenue for its current quarter. ®

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