Juniper Posts Small Profit
%mlink(STRY:; PHOTO:; AUDIO:%)
NEW YORK (AP) _ Juniper Networks Inc., a maker of Internet networking equipment, Thursday posted a small second-quarter profit and announced it is cutting about 200 jobs, or 10 percent of its work force.
The company, based in Sunnyvale, Calif., posted net income of $6.2 million, or two cents a share, compared with a net loss of $37.1 million, or 12 cents, a share a year earlier.
Excluding items, the company had earnings of $421,000, or less than one cent per share, compared with earnings of $29.3 million, or nine cents a share, the same period a year ago.
Juniper was expected to report a loss of one cent a share in the latest quarter, according to analysts surveyed by Thomson Financial/First Call.
Revenue fell 42 percent to $117 million from $202.2 million in the same period a year earlier.
The results were reported after the close of regular trading on the stock markets. In extended trading, shares of Juniper were up 81 cents, or 11 percent, at $8.03 on the Nasdaq Stock Market.
Juniper, the major challenger to Cisco Systems Inc. in the market for routers that direct Internet and other network traffic, has been hard hit by the reduction in spending by telecommunications carriers.