Juniper Networks (JNPR) reported a modest decline in adjusted earnings for the third-quarter when revenues were affected by a broad-based slump in demand. However, the bottom-line beat expectations and the company’s stock gained about 2% during Tuesday’s extended session.
Earnings of the network gear maker rose to $223.8 million or $0.64 per share in the third quarter from $167.5 million or $0.43 per share in the corresponding period last year. Earnings, adjusted for special items, dropped 1.8% to $0.54 per share but came in above expectations.
Revenues declined 6% year-on-year to $1.18 billion during the three-month period, dragging operating margins sharply. The top-line was broadly in line with estimates.
“While our Q4 outlook is being impacted by the pace of deployments at several cloud customers, we believe this is a temporary headwind and remain confident that we have the right products and strategy in place to grow the business in 2019,” said CEO Rami Rahim.
Juniper stock opened the day sharply lower and remained subdued throughout the session. The stock gained about 11% over the past twelve months.