SUNNYVALE, Calif. ( TheStreet) -- Networking specialist Juniper (JNPR - Get Report) reported strong fourth-quarter results after market close on Tuesday, providing yet more evidence of the uptick in IT spending.
Juniper posted revenue of $1.19 billion, up 26% on the prior year's quarter, and topping Wall Street's estimate of $1.12 billion. Excluding items, the switch maker earned 42 cents a share, a 31% hike on the same period last year, although this was favorably impacted by 3 cents due to the extension of the R&D tax credit. Analysts had forecast earnings of 37 cents a share.
With companies looking to build out their cloud computing infrastructures, Juniper is expected to benefit from increased demand for its products. For the first quarter, the Cisco (CSCO - Get Report) rival expects first-quarter revenue between $1.06 billion and $1.11 billion, in line with analysts' forecast of $1.09 billion.
Juniper, however, forecast first-quarter earnings between 30 cents a share and 33 cents a share, just below analysts' estimate of 34 cents a share.Investors responded negatively to Juniper's guidance, pushing the company's shares down 32 cents, or 0.92%, to $34.50 in extended trading. --Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: email@example.com