Juniper Networks hits the skids due to Cisco's business pain
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Juniper Networks (NYSE:JNPR) shares fell more than 6% in after-hours trading, Wednesday, as the networking equipment maker was bruised in the wake of a disappointing quarterly report and business forecast from sector kingpin Cisco Systems (NASDAQ:CSCO).
After U.S. stock markets closes, Cisco (CSCO) reported third-quarter results, and gave a full-year revenue outlook that fell short of Wall Street analysts' expectations. Cisco (CSCO) said that it said it earned 87 cents a share, excluding one-time items, on $12.8 billion in revenue for the quarter ended April 30. Analysts were expecting the company to earn 86 cents a share, on $13.34 billion in revenue.
For its entire fiscal year, Cisco (CSCO) has forecast earnings between $3.29 and $3.37 a share, down from a previous outlook of $3.41 to $3.46 a share. Analysts had expected the company to earn $3.44 a share for the full year.
Juniper's (JNPR) decline added to what has been a disappointing year for the company that has seen its shares decline by more than 16%. In April, Juniper gave its own disappointing business forecast, which is said was due in part to ongoing shortages in semiconductors.