Juniper Networks reported revenues of $1,299.9 million for Q4 2021, an increase of 6% year-over-year, and an increase of 9% sequentially. GAAP operating margin was 11.8%, an increase from 8.0% in the fourth quarter of 2020, and an increase from 10.1% in the third quarter of 2021. Non-GAAP net income was $184.7 million, an increase of 2% year-over-year, and an increase of 22% sequentially, resulting in non-GAAP diluted earnings per share of $0.56.
For full year 2021, Juniper reported net revenues of $4,735.4 million, an increase of 7% year-over-year.
Juniper also noted that it is still experiencing "significant supply chain related headwinds associated with rising component costs and shortages, as well as elevated freight costs, which are expected to continue at least through the first half of the year. While we have taken pricing actions to offset these headwinds, we do not expect these actions to have an impact until later in the year."
Some highlights:
Revenue by vertical:
- Cloud grew 19% year-over year and increased 10% sequentially.
- Service Provider was up 8% up year-over-year and up 15% sequentially.
- Enterprise decreased 3% year-over-year but increased 4% sequentially.
- Total software and related services revenue was $242 million, an increase of 41% year-over-year
“We experienced better than expected demand during the December quarter, with strong double-digit order growth across all verticals, all customer solutions and all geographies,” said Juniper’s CEO, Rami Rahim. “Our commitment to delivering products that simplify operations and deliver a superior end-user experience, what we call experience-first networking, is resonating with our customers and allowing us to capitalize on several large and growing markets. We believe this focus, along with the investments we’ve made in our go-to-market organization, will enable us to accelerate our growth in 2022.”
“Our teams executed extremely well during the December quarter, delivering better than expected sales and non-GAAP earnings per share, despite the challenging supply chain environment,” said Juniper’s CFO, Ken Miller. “Our continued order strength, record backlog and actions to further strengthen supply, provide confidence in our ability to accelerate growth and deliver improved profitability in the upcoming year.”
