Juniper Networks reports second quarter results below estimates

Juniper Networks

25/07/2024 21:50

July 25 (Reuters) - Juniper Networks  JNPR.N  reported
second-quarter revenue and profit below analysts' estimates on
Thursday due to weak spending by cloud computing firms on the
company's networking equipment.
        Companies have kept a tight lid on spending due to high
borrowing costs, hurting companies such as Juniper and Cisco
Systems  CSCO.O .
    Economic uncertainty has also hurt players like Juniper,
while its cloud customers continue to digest inventory obtained
through orders it had previously placed.
    Shares of the company fell about 1.3% in extended trading.
    In January, Hewlett Packard Enterprise  HPE.N  had announced
it would acquire Juniper for about $14 billion as it looked to
bolster its product portfolio. The deal is expected to close
later this year or early 2025, Juniper said on Thursday.
        For the second quarter, the company reported revenue of
$1.19 billion, below expectations of $1.25 billion, according to
LSEG data.
        On an adjusted basis, the company earned 31 cents per
share, compared with estimates of a profit of 44 cents per
share. It had posted profit of 58 cents per share a year ago.
        
  
        
  

 (Reporting by Akash Sriram in Bengaluru; Editing by Alan
Barona)
 ((Akash.Sriram@thomsonreuters.com; On X as @HoodieOnVeshti;
+91-74116-87774;))