Updated from 4:32 p.m.
saw no evidence of a telco spending crunch as it flew by third-quarter targets.
Unlike networking equipment suppliers including
that recently saw big drops in orders, Juniper kept shipping hardware at a solid clip. But that wasn't enough to sustain the company's red-hot stock, which fell in postclose trading after another momentum favorite,
, got clocked for its insufficiently bullish guidance.
Sunnyvale, Calif., Internet gearmaker Juniper posted an adjusted profit of $124.5 million, or 22 cents a share, compared with pro forma earnings of $106.2 million, or 18 cents a share, in the year-ago quarter.
Total sales for the quarter ended September were $735 million, up 28% from last year.
Analysts had been looking for Juniper to post a 21-cent adjusted profit on $710 million in sales, according to Yahoo! Finance.
"We are pleased with both the results for the quarter and the momentum we are seeing, which reflect confidence in Juniper to address the high-performance networking requirements of our customers," CEO Scott Kriens said in a press release Tuesday.
Juniper also appointed former
executive Robyn Denholm as its finance chief during the third quarter.
Looking ahead to the fourth quarter, Juniper raised its adjusted profit and sales guidance but said gross margins would decline sequentially.
On a conference call with analysts, Denholm said the company would probably post pro forma earnings of 24 cents a share on sales of between $770 million and $790 million for the fourth quarter.
Analysts were expecting a 23-cent adjusted profit on $745 million in sales, according to Yahoo Finance.
For the full year, Denholm expects the company to have a pro forma profit of between 84 cents and 85 cents a share on sales of about $2.8 billion. Analysts were looking for a profit of 83 cents on sales of $2.75 billion.
The company also said orders were increasing in proportion to shipments. A so-called book-to-bill ratio of greater than 1 is typically a bullish indicator for sequential revenue improvement.
The company's shares, which were up 95% for the year heading into Tuesday's report, fell $1.94, or 5%, to $35.20 in after-hours trading Tuesday.