© Reuters.
(Reuters) – Juniper Networks (NYSE:) beat estimates for third-quarter revenue on Thursday as it benefited from higher network spending by cloud computing clients, sending its shares up 5% in extended trading.
The results, which were reported on a preliminary basis, underscore a recovery in cloud and certain enterprise technology segments as customers shore up investment in critical infrastructure on signs of stabilization in the economy.
“Our enterprise momentum remains strong and provides confidence in our future growth prospects,” Juniper CEO Rami Rahim said.
The company’s preliminary revenue fell 1% to $1.40 billion, but beat expectations of $1.39 billion for the quarter ended Sept. 30, according to LSEG data.
On an adjusted basis, the company earned 60 cents per share, compared with estimates for a profit of 55 cents.
Juniper, which counts companies like AT&T (NYSE:) and BlackBerry (NYSE:) as its customers, said it expected revenue of about $1.40 billion, plus or minus $50 million, in the fourth quarter.
Analysts on average were expecting $1.41 billion.
It forecast adjusted earnings per share of 63 cents, plus or minus 5 cents, compared with estimates of 62 cents.
Read the full article here
