NEW YORK (CNN/Money) - Networking equipment maker Juniper Networks Inc. on Thursday said it broke even on an operating basis for the second quarter, where most analysts had expected the company to report a narrow loss.

After the close of trading, Juniper said its pro forma net income for the quarter, which excludes one-time items, was $421,000, or breakeven on a per-share basis.

That compares with pro forma net income of $29.3 million or 9 cents per share for the second quarter of 2001. Most analysts had expected Juniper to lose a penny per share during the most recent quarter, according to a survey conducted by earnings tracker First Call.

Including one-time items, Juniper's second-quarter net income was $6.2 million, or 2 cents per share, compared with a loss of $37.1 million, or 12 cents per share, a year earlier.

At $117.0 million, Juniper's second-quarter revenue fell 42 percent from the same period last year but exceeded the $109.6 million analysts generally had expected, according to First Call.

The company, which makes Internet routers, also said it has completed its acquisition of Unisphere Networks and has begun assimilating its assets, a process Juniper said will be completed within two weeks.

Juniper said the merger will result in cost savings of roughly $7 million per quarter, including head count reductions of approximately 10 percent of the combined company.

Shares of Juniper (JNPR: Research, Estimates) rose 32 cents to $7.54 in extended-hours trade after rising 11 cents to $7.22 on Nasdaq ahead of the earnings report.