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A disappointing quarter for Juniper

Juniper Networks has reported preliminary financial results for the 3 months and 12 months ended December 31, 2018, and provided its outlook for the 3 months ending March 31, 2019.

4Q2018 financial performance. Net revenues were USD 1181.0 million, a decrease of 5 percent year-over-year, and flat sequentially. GAAP operating margin was 16.7 percent, an increase from 16.4 percent in 4Q2017, and an increase from 13.6 percent in the 3Q2018. Non-GAAP operating margin was 21.1 percent, a decrease from 22.7 percent in the 4Q2017, and an increase from 20.0 percent in the 3Q2018. GAAP net income was USD 192.2 million, compared to a net loss of USD 148.1 million in the 4Q2017, and a decrease of 14 percent sequentially, resulting in diluted earnings per share of USD 0.55. The year-over-year change in GAAP net income was primarily due to a lower effective tax rate. Non-GAAP net income was USD 205.7 million, an increase of 3 percent year-over-year and an increase of 8 percent sequentially, resulting in non-GAAP diluted earnings per share of USD 0.59.

Full-year 2018 financial performance. Net revenues were USD 4647.5 million, a decrease of 8 percent year-over-year. GAAP operating margin was 12.3 percent, a decrease from 16.9 percent in the fiscal year 2017. Non-GAAP operating margin was 18.1 percent, a decrease from 22.8 percent in the fiscal year 2017. GAAP net income was USD 566.9 million, an increase of 85 percent year-over-year, resulting in diluted earnings per share of USD 1.60, an increase of 100 percent year-over-year. The change in GAAP net income was primarily due to a lower effective tax rate in the fiscal year 2018. Non-GAAP net income was USD 666.4 million, a decrease of 18 percent year-over-year, resulting in non-GAAP diluted earnings per share of USD 1.88, a decrease of 11 percent year-over-year.

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