Juniper Networks reported Q1 net revenues of $1,148.9 million, a decrease of 16% year-over-year, and a decrease of 16% sequentially. GAAP operating margin was (1.2)%, a decrease from 8.4% in the first quarter of 2023, and a decrease from 9.2% in the fourth quarter of 2023. Non-GAAP net income was $96.6 million, a decrease of 38% year-over-year, and a decrease of 51% sequentially, resulting in non-GAAP diluted net income per share of $0.29.
“While many of our customers continue to be impacted by macro headwinds and the digestion of previously placed orders, we are starting to see a recovery in demand from our cloud customers and saw another quarter of double-digit order growth in our Mist-led business,” said Juniper CEO, Rami Rahim. “I remain optimistic regarding our long-term growth prospects, particularly as customers adopt our AI offerings, both for network operations and data center use cases.”
“We delivered strong non-GAAP gross margin and better than seasonal expense trends during the March quarter,” said Juniper’s CFO, Ken Miller. “We remain focused on profitability, while making the necessary investments to drive long-term growth.”
