SUNNYVALE — Shares of Juniper Networks Inc. fell nearly 18 percent Thursday after the network equipment company warned its fourth-quarter profits and revenue will not meet forecasts.
The company now expects revenue in the range of $150 million to $155 million, down from its earlier estimate of $200 million. Earnings, excluding special items, will be about 5 cents per share.
Analysts were expecting 10 cents per share and revenue of $202 million for the period ending Dec. 31, according to a survey by Thomson Financial/First Call.
In the year-ago period, the Sunnyvale-based Juniper earned $84.6 million, or 24 cents per share, excluding items, on $295.4 million in revenue.
The lower-than-expected sales are the result of caution by carriers and service providers in the current economic climate, the company said.
“We will continue to focus on our financial metrics and our ongoing profitability, despite the challenging environment,” said Scott Kriens, Juniper’s chief executive.
Shares of Juniper fell $4.08 to close at $18.85 in trading Thursday on the Nasdaq Stock Market. It was the third most heavily traded stock on the Nasdaq.
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Juniper Networks: http://www.juniper.net/