Juniper's Q3 revenue rises 4% sequentially to $1.12B, layoffs still planned

Juniper Networks (NYSE: JNPR) on Tuesday reported that Q3 2012 earnings results surpassed Wall Street forecasts as revenues rose 4 percent sequentially, and 1 percent on a year-over-year basis, to  $1.12 billion.

Juniper Q3 earnings presentation

Click here for selected slides from Juniper's Q3 earnings presentation.

Net income, however, declined to $16.8 million, or 3 cents per share, from $83.7 million, or 16 cents per share, in Q3 2011.

The Sunnyvale, Calif.-based vendor said that the GAAP diluted income per share figure includes $0.16 impact from restructuring and other charges.

"Our third quarter results demonstrated a return to year-over-year revenue growth and improved operational performance," said Robyn Denholm, chief financial officer of Juniper Networks, in the earnings release. "Long-term demand fundamentals for high-performance networking continue to be positive, yet customers remain cautious in the near-term environment."

One of the measures that Juniper has been taking lately is cost cutting. Juniper told Reuters that it is going to lay off 500 employees.

With service providers keeping a tighter rein on their purses due to the slow economic recovery in the United States and volatility in Europe, Juniper forecast Q4 earnings below analyst estimates.

The vendor forecast Q4 2012 revenue between $1.1 billion to $1.13 billion. Analysts polled by Thomson Reuters I/B/E/S expected earnings of 24 cents on revenue of $1.15 billion.

Despite the lower Q4 forecast, Juniper's shares were trading at $18.00, up 2 percent, at the end of trading on Tuesday due to its positive Q3 results on the NYSE.

For more:
- see the earnings release
- Reuters has this article

Special report: Wireline telecom earnings in the third quarter

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