Juniper confirms dismal Q1

NEWS Juniper has reported first quarter figures dramatically down on the corresponding period last year. For the three months ending 31 March, the networking equipment manufacturer recorded revenues of $122.2m, down 63 per cent from the $332.1m it turned over in Q1 2001. Profits took an equally severe beating. Pro forma profit was $423,000, compared with $85.4m a year ago, while actual net loss was $46m. Juniper, which competes head-on with giant Cisco in its main markets, said in a statement that it is concentrating on positioning itself for a recovery in its industry. The results had largely already been priced in to the Juniper's share price by analysts and traders, the stock closing at $10.34 yesterday.