One in ten workers squeezed out at Juniper
Financial results are healthier, though
Juniper Networks yesterday announced plans to lay off 10 per cent of its workforce following the completion of its Unisphere Networks acquisition from Siemens.
The company, which is second-placed behind Cisco System in the high-end routing market, hopes to save around $7m per quarter through the redundancies.
News of the job loses came as the company reported net revenues for the second quarter of $117m, down 42 per cent on the $202.2m for Q2 2001.
Juniper's net income for Q2 2002, which includes amortization of purchased intangibles of $1.6 million and a deferred compensation credit of $8.0 million, was $6.2m, compared with a net loss of $37.1m in Q2 2001.
Analysts expected Juniper's revenues to come in at around $110, so its results came as a pleasant surprise to Wall St, which was concerned the knock on effect a reduction in spending from scandal-hit WorldCom might have on Juniper. ®