Juniper Networks Plummets on Weak Forecast; CFO to Step Downby
Juniper Networks Inc., a maker of routing and switching systems for telecommunications companies, plunged the most in more than four years after forecasting earnings for the current quarter that missed estimates and announcing its chief financial officer is stepping down.
The company presented a mixed picture Wednesday in its earnings. Juniper reported adjusted earnings per share of 63 cents, beating analysts’ estimates by 4 cents. But at the same time, the Sunnyvale, California-based company forecast earnings per share in the current quarter of 42 cents to 46 cents, while analysts were projecting 47 cents on average.
Juniper also said Chief Financial Officer Robyn Denholm intends to resign after the company files its annual report for 2015. Ken Miller, the company’s senior vice president of finance, will succeed her. Juniper gave no explanation for Denholm’s departure.
The shares plummeted 15 percent to $22.46 at the close in New York, the biggest single-day decline since July 2011.