Networking equipment maker Juniper Networks today warned its 2001 earnings and revenues would fall below Wall Street expectations due to the slowing US economy and reduced equipment spending by customers.
Juniper said it expects second-quarter earnings of 25 cents a share, with revenues similar to the first quarter's $332.1 million. Wall Street analysts had expected second-quarter earnings of 26 cents a share, said research firm Thomson Financial/First Call.
For the full year, Juniper said it expects earnings of 90 cents to $1 a share, on revenue growth of 85 to 100 per cent.
Analysts had expected the company to post full-year earnings of $1 to $1.10 a share, with a consensus estimate of $1.05, according to Thomson Financial/First Call.
Revenues were expected to be $1.598 billion, up 137 per cent over last year's $673.5 million.
Shares of Juniper, which earlier today reported a seven-fold rise in first-quarter profits, were up $1.94 to $44.70 in morning trade on Nasdaq.