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Juniper doubles forecast
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October 12, 2000: 5:36 p.m. ET
Computer networking company says 3Q revenue rose 78 percent from 2Q
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NEW YORK (CNNfn) - Networking equipment maker Juniper Networks on Thursday reported a third-quarter profit that nearly doubled analysts' expectations, and revenue that jumped 78 percent from the second quarter, driven by demand for its family of products.
Sunnyvale, Calif.-based Juniper (JNPR: Research, Estimates), which sells high-speed Internet routers that move data from point to point in a computer network, said pro forma net income, excluding the amortization of goodwill and special charges, was $60.3 million, or 17 cents a share. In the same period one year ago, the company reported a loss of $785,000 or nil cents per share.
 Analysts surveyed by earnings tracker First Call had expected a profit of 9 cents a share in the third quarter.
The company also reported net revenue for the third quarter of $201.2 million, compared with $113 million for the second quarter, and $29.5 million in the third quarter of 1999.
"Our performance during the third quarter reflects the return on our commitment and focus on continued execution," said Scott Kriens, Chairman and CEO of Juniper Networks, in a statement.
On a conference call with analysts, the company lifted its expectations for 2000 revenues to a range between $625 million and $640 million, up from a range of $515 million to $520 million. On Thursday it said revenue for the first nine months of the year totaled $378 million.
Juniper, which has been successful competing against much-larger rival Cisco Systems in the high-end router market, said it sees its 2001 revenues at about double its 2000 revenues.
Juniper's stock has been one of the hottest on Nasdaq in the past year. On Thursday, however, the stock slipped $6.41 a share to $199.59. The results were released after the close of trade.
But in after-hours trade, shares of Juniper jumped $11.97, or about 6 percent, to $211.56 a share. 
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Juniper Networks
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