By Chris Bulkey, principal analyst at Technology Research GroupClarification from author: In our 1Q10 earnings report, we stated that the root cause of Juniper's problems is a disruptive and highly dilutive series of acquisitions. The buying spree commenced in 1999, gained momentum in 1H04, and came to a sudden stop in 4Q05. This statement was excluded from our 1Q10 report for the sake of brevity, but is important. The point we are making is that the damage had already been done. The series of high multiple acquisitions diluted equity big time. Comment about being disruptive refers to restructuring charges, asset impairments and intangible amortization that followed. The net effect of equity dilution and recurring charges can be seen in a persistently inadequate return on equity. NEW YORK ( TheStreet) - Juniper ( JNPR - Get Report) reported revenue of $913 million (up 19% year on year) and pro forma earnings of $0.27 per share for the first quarter of 2010 (TRG estimates - $904 million and $0.25 per share). GAAP net income came in at $0.30 per share including a non-recurring tax benefit of $0.10 per share.