Juniper Networks reported Q2 net revenues of $1,172.3 million, an increase of 8% year-over-year and an increase of 9% sequentially. Non-GAAP net income was $141.0 million, an increase of 21% year-over-year, and an increase of 43% sequentially, resulting in non-GAAP diluted earnings per share of $0.43.
“We reported better than expected results, a second consecutive quarter of double-digit product revenue growth and record product orders during the June quarter,” said Juniper’s CEO, Rami Rahim. “Our experience-first strategy is working, our teams are executing well and the investments we have made both in our customer solutions and our sales organization are enabling us to capitalize on improving end-market conditions. We are entering the second half with strong momentum, and I am increasingly confident in our long-term growth prospects.”
Regarding supply chain constraints, Juniper stated: "Similar to others, we are experiencing an ongoing component shortage, which has resulted in extended lead times of certain products and elevated costs. During the past quarter, we continued to strengthen our supply chain and have increased inventory levels over the course of the last year. We continue to work closely with our suppliers to further enhance our resiliency and limit disruptions outside of our control to the best of our ability. We believe that even with these actions, extended lead times, and elevated costs will likely persist for at least the next few quarters. While the situation is dynamic, at this point in time we believe we will have access to sufficient semiconductor supply to meet our full-year financial forecast."
