Juniper Networks reported preliminary Q1 2011 revenue of $1.102 billion, up 21% year-over-year and down 7% sequentially. 
GAAP net income was $130 million, or $0.24 per diluted share, and non-GAAP net income was $178 million, or $0.32 per diluted share for the first quarter of 2011. GAAP net income includes half a cent dilutive impact from net interest expense related to the $1 billion dollars of senior notes we issued during the quarter. Juniper's operating margin for the first quarter of 2011 decreased to 16.1% on a GAAP basis from 19.1% in the fourth quarter of 2010, and decreased from 17.6% in the prior year first quarter.
"Juniper delivered solid results in the first quarter and continued to build on market momentum," said Kevin Johnson, chief executive officer at Juniper Networks. "We are executing on our innovation roadmap with new solutions that define our vision of the new network. Innovation is at the core of our multi-year growth agenda."
Some highlights:
- Router revenue was up 25% Y/Y to $749 million
- Switching was up 37% Y/Y to $106 million
- Enterprise revenue was up 13% Y/Y
- Enterprise switching and security grew 21% and 15% respectively
- Service Provider revenue was up 25% Y/Y driven by the company's edge product portfolio.
