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Juniper's Beat Is Proof of IT Spending Trend

Stocks in this article: JNPR CSCO

SUNNYVALE, Calif. ( TheStreet) -- Networking specialist Juniper (JNPR) 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) 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: tips@thestreet.com

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