Juniper Networks reported fourth-quarter earnings and revenue that topped Wall Street estimates while guidance met expectations. JNPR stock surged in extended trading.
The maker of computer networking gear reported earnings after the market close on Thursday. Juniper stock jumped 5.7% to 33.24 after hours on the stock market today.
Sunnyvale, Calif.-based Juniper said it earned 56 cents per share, up a penny from a year earlier. Revenue climbed 6% to nearly $1.3 billion, the company said.
A year earlier, JNPR stock earned 55 cents on revenue of $1.22 billion. Analysts estimated per-share earnings of 53 cents on revenue of $1.27 billion.
JNPR Stock: Profit Guidance Meets Estimates
For the March quarter, Juniper said it expects a 31-cent profit, in line with estimates. The company predicted revenue of $1.15 billion vs. estimates of $1.13 billion.
"Our continued order strength, record backlog and actions to further strengthen supply, provide confidence in our ability to accelerate growth and deliver improved profitability in the upcoming year," Chief Financial Officer Ken Miller said in a news release.
Heading into the Juniper earnings report, the networking stock had retreated 11% in 2022. But JNPR stock had advanced 15% from a year ago.
Juniper stock holds a Relative Strength Rating of 89 out of a best possible 99, according to IBD Stock Checkup. Juniper is a rival of Dow Jones component Cisco Systems.
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Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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