NEW YORK (CNN/Money) - Juniper Networks cut its outlook for its first quarter Wednesday, noting spending levels for the period were below expectations.

Juniper (JNPR: up $0.35 to $11.92, Research, Estimates) said it see revenues of about $120 million to $125 million for the quarter ending March 31, down from its previous projections of $150 million to $155 million.

The Sunnyvale, Calif.-based company now expects to break even for the quarter.

Analysts surveyed by First Call expected the company to have sales of $139 million and earnings of 2 cents per share.

"Spending levels during the quarter were below expectations but represented a more diverse set of key service providers and carriers," Scott Kriens, Juniper CEO, said in a statement. "We remain committed to financial fundamentals, our multiple market strategy, and to the expansion of our product portfolio, all of which will be critical growth drivers when the public networking industry outlook improves."

Trading in Juniper stock was halted after hours.