Juniper Networks Q3 2023 Earnings Report
Key Takeaways
Juniper Networks reported Q3 2023 financial results with net revenues of $1,397.8 million, a 1% decrease year-over-year. The company's enterprise business represented more than 50% of total company revenue. Non-GAAP EPS exceeded the high end of the outlook.
Net revenues were $1,397.8 million, a decrease of 1% year-over-year.
GAAP operating margin was 6.3%, a decrease from 10.6% in Q3 2022.
Non-GAAP operating margin was 17.5%, an increase from 17.2% in Q3 2022.
GAAP net income was $76.1 million, a decrease of 37% year-over-year.
Juniper Networks
Juniper Networks
Juniper Networks Revenue by Geographic Location
Forward Guidance
For the fourth quarter of 2023, Juniper Networks expects revenue to be approximately $1,400 million, plus or minus $50 million, and non-GAAP net income per share to be approximately $0.63, plus or minus $0.05.
Positive Outlook
- Sequential growth in bookings is expected.
- The rate of year-over-year decline is expected to further moderate.
- Healthy Enterprise momentum is expected to continue.
- Enterprise orders are expected to grow both in Q4 and on a full-year basis.
- Non-GAAP gross margin is expected to modestly increase due to expected lower supply chain costs.
Challenges Ahead
- Demand from Cloud and Service Provider customers is expected to remain constrained.
- Cloud and Service Provider customers are expected to continue to digest previously placed orders.
- The macro-economic environment is expected to remain challenged.
- Non-GAAP operating expenses are expected to see a sequential decline.
- The outlook assumes that the exchange rate of the U.S. dollar to other currencies will remain relatively stable at current levels.
Revenue & Expenses
Visualization of income flow from segment revenue to net income