Juniper Networks reported a strong quarter with net income jumping to $97.9 million compared to $57.7 million in the same period last year. Net revenues grew 7% year-over-year and 9% sequentially to $1.15 billion for the quarter.
The company also announced that its CEO, Kevin Johnson, will be retiring after five years with Juniper, and that it has formed an executive search committee while Johnson continues his duties.
Johnson said that the company is pleased with the quarter’s results.
“We continue to see signs of strength in our key markets and we are confident in our routing and switching portfolio,” Johnson added. “We are also seeing early signs of improving security demand.”
Juniper estimated that its revenue for the third quarter will be between $1.14 billion to $1.18 billion, with non-GAAP operating expenses in the range of $520-$530 million.
Johnson will retire once a successor is named, and Juniper has hired executive recruiting firm Heidrick and Struggles to lead the search process.
Scott Kriens, chairman of Juniper Networks’ board, noted that the business has grown more than 50% during Johnson’s tenure and that “we are very pleased with our current momentum, and the health and strength of the company as we look towards a bright future in a growing industry.”
Johnson said that Juniper has strengthened its position in the network industry.
” Networks are being transformed by the rapid increase in traffic volume, cloud computing and the mobile Internet and we are entering a fresh cycle of customer investments in the network,” he added. “With this positive momentum, I believe it is a good time to transition to new leadership and drive the next phase of Juniper’s growth, and I look forward to working with the board to ensure a seamless transition. I am confident in the current strength and long-term potential of Juniper’s business, as evidenced by the results of the most recent quarter and the company’s proven ability to innovate and execute.”
