Juniper Networks, Inc. (JNPR) Shares Down After Layoff Announcement
Even though Juniper Networks, Inc. (NYSE:JNPR) beat Wall Street expectations, they have announced some layoffs. Juniper cut 280 jobs this month said CEO Kevin Johnson during their quarterly conference call. The reason for the layoffs is because the company’s next quarter will be weaker than expected.
Juniper said that this quarter (ended September 30th) came in with earnings per share at 33 cents compared to analyst expectations of 31 cents. Juniper’s revenues was $1.19 billion and Wall Street was expecting $1.17 billion. In the next quarter, Juniper is expecting revenues to be at between $1.2 billion and $1.23 billion. It is unknown how much money would be saved by eliminating 280 employees.
According to BusinessInsider, Juniper hired 201 people in the last quarter with a total of 9,714 employees so the layoff would undo the job growth in the past quarter. Most of the new jobs were in “lower cost regions.”
Juniper’s stock went down 6.43% and closed at $19.05.