NEW YORK ( TheStreet) -- Shares of Juniper Networks (JNPR - Get Report) fell in late trades on Monday after the communications networking equipment maker lowered its fourth-quarter outlook, citing weak demand from service providers.
Juniper now sees non-GAAP earnings of 26 to 28 cents a share in the quarter on revenue ranging from $1.11 billion to $1.12 billion. On Oct. 24, the company forecast non-GAAP earnings of 32 to 36 cents a share for the period on revenue of between $1.16 billion to $1.22 billion.
The current average estimate of analysts polled by Thomson Reuters is for a profit of 34 cents a share in the December-ended period on revenue of $1.19 billion.
Juniper said the router demand weakness wasn't limited to a single geography but added that a "significant portion" of the impact was from U.S. service providers. The company, which plans to report its full results on Jan. 26, also now sees non-GAAP operating gross margin coming in below its prior projection of 21% to 23% because of lower revenue view.The stock was last quoted at $21.01, down 2.4%, on after-hours volume of 1.2 million, according to Nasdaq.com. The shares ran as low as $18.55 earlier in the extended session. Based on Monday's regular session finish at $21.53, Juniper shares had already lost more than 45% in the past year, although that reflects a bounce of nearly 30% off a 52-week low of $16.67 set back in early October. Wall Street was split on the stock ahead of the warning with 21 of the 39 analysts covering Juniper at either hold (19), underperform (1) or sell (1). The median 12-month price target of $25 reflects some underlying optimism however. At current levels, the stock is trading at a forward price-to-earnings multiple of 15X.