Networking equipment company Juniper Networks delivered better-than-expected third quarter financial results, reporting non-GAAP net income of $152 million, an increase of 5% year-over-year.
The non-GAAP diluted earnings per share are $0.46 and net revenue is $1.188 billion, nearly matching Wall Street’s expectations of $1.2 billion and $0.46 per share earnings.
Juniper Networks shares are up 1.71% at $27.02 in after-hours trading.
“We reported a fifth consecutive quarter of year-over-year revenue growth and a second consecutive quarter of exceptional order growth during the Q3 time period,” said Juniper’s CEO Rami Rahim on Tuesday.
Juniper Networks expects to deliver a revenue around $1.26 billion, plus or minus $50 million, in Q4. The non-GAAP net income per share will be approximately $0.53, plus or minus $0.05.
In April, CFO Ken Miller said the company was “experiencing ongoing supply constraints which have resulted in extended lead times,” blaming the slowdown on the “worldwide shortage of semiconductors impacting many industries.”
The company included a similar message in July, reminding investors that there is still a worldwide shortage of semiconductors, caused in part by the COVID-19 pandemic. They reiterated that there will be extended lead times and elevated costs that will “persist for at least the next few quarters.”
Today, Miller said that the company “executed extremely well despite the challenging supply chain environment and demonstrated strong financial management during the September quarter.”
“Our strong order momentum, record backlog, and actions to strengthen our supply chain provide confidence in our future growth prospects and our ability to deliver improved profitability in 2022 and beyond,” Miller added.