NEW YORK ( TheStreet) -- Shares of Juniper Networks (JNPR - Get Report) plunged in after-hours action on Tuesday after the company fell short of Wall Street expectations for its fiscal second quarter, saying "mixed signals in the macro economy" hurt its performance.
The Sunnyvale, Calif.-based maker of networking equipment also gave a poor outlook for the September-ending quarter as it sees "some near-term market weakness due primarily to the timing of certain Service Provider deployments."
The company posted a non-GAAP profit of $167.2 million, or 31 cents a share, for the three months ended in June on revenue of $1.12 billion, below the average estimate of analysts polled by
Thomson Reuters for a profit of 33 cents a share on revenue of $1.15 billion.
The stock was last quoted at $26.50, down 15%, on volume of 5.3 million, according to Nasdaq.com. The move extends a year-to-date decline of 17% for the shares based on Tuesday's regular session close at $31.17. The stock is down more than 40% since hitting a 52-week high of $45.01 on March 8.The quarterly miss breaks a streak of at least eight quarters of upside surprises for Juniper, which said it now sees a non-GAAP profit of 26 to 30 cents a share in its fiscal third quarter on revenue of $1.07 billion to $1.12 billion. That view compares to Wall Street's current consensus estimate for earnings of 38 cents a share in the September quarter on revenue of $1.22 billion. The news was weighing on a number of other networkers in after-hours action, including Cisco Systems (CSCO - Get Report), off 1.6% to $16.03 on volume of more than 880,000; Ciena (CIEN - Get Report), losing 5% to $16.70 on volume of 440,000; Limelight Networks (LLNW - Get Report), down 3% to $4.84 on volume of less than 30,000; and Aruba Networks (ARUN), dipping 2.6% to $24 on volume of around 20,000.