Juniper Plunges on Warning
Network equipment maker Juniper Networks (JNPR) - Get Report was down 11.2% in preopen Island trading after it warned that second-quarter revenue would come in around $200 million to $210 million instead of the previously expected $300 million to $330 million.
The company said it now expects pro forma earnings of 8 cents a share for the quarter. The current
Thompson Financial/First Call
estimate is 24 cents.
Juniper also said it is cutting its staff by about 8% and taking a one-time charge of $45 million. The charge includes the cost of reevaluating its investment portfolio.
Other networkers were lower as well.
Cisco
(CSCO) - Get Report
was down 2.8%.
Sycamore
(SCMR)
was down 2%.
Loading ...