April 12, 2002 — (WEB HOST INDUSTRY REVIEW) — Internet equipment manufacturer Juniper Networks (Juniper.net) said yesterday that the telecom downturn took a large toll on the company’s sales during the first quarter of its fiscal year.
Net revenues decreased 63% from the same period a year ago, falling from more than $330 million to $122 million.
The announcement did not take the investment community off guard, as the company had warned last month that it expected revenues to be lower than its original guidance.
The company said that actual net loss for the quarter, including amortization of deferred compensation of $13.6 million, amortization of purchased intangibles of $1.6 million and write-downs in equity investments totaling $30.6 million, was $46.0 million or 14 cents per share. In the first quarter of 2001, the company reported net income of $58.6 million, 17 cents per share.
