Stock probe guts Juniper's profits
CEO enthused and in-line
Juniper Networks's first quarter income fell 12 per cent, attributed to operational costs and charges related to a stock options probe.
The network equipment maker's income tumbled to $66.6m from $75.8m a year earlier. Net revenues for the first quarter increased 11 per cent to $626.9m versus $556.7m in the same period last year.
Juniper CEO Scott Kriens could barely contain his enthusiasm in a statement describing the last three months. "Our first quarter results were in line with our expectations," Kriens gushed.
During the quarter, Juniper spent $4.7m investigating how the company has accounted for stock option grants and $7.6m in tax-related charges.
Operating costs also grew 22 per cent to $354.3m, for research and development and sales and marketing expenses.
The company's second quarter forecast is for revenue between $640m and $650m. Analysts agree, seeing a $646.9m number in their crystal balls.
Juniper's full-year outlook is for revenue between $2.6bn and $2.7bn. Analysts are expecting that number to be more on the $2.7bn side. ®