SUNNYVALE, Calif. – Networking equipment maker Juniper Networks Inc. said on Friday its second-quarter results will fall far short of expectations and it will cut 8 percent to 9 percent of its staff amid the slowdown in the telecommunications and network service provider sectors.
Juniper, the latest company to feel the pinch of the slowing high-tech economy, said its revenue for the quarter will range from $200 million to $210 million, down from its previous forecast of $300 million to $330 million.
Analysts on average had expected revenue of about $324 million, according to research firm Thomson Financial/First Call.
Juniper put second-quarter earnings at 8 cents to 9 cents per share before certain items. First Call estimates had ranged from 22 cents to 26 cents, with a mean expectation of 24 cents.
The company said it will record a charge of $45 million for the job cuts and a revaluation of its investment portfolio.
``Our revised expectations are a result of a challenging service provider and global carrier business environment,'' Juniper said in its statement.
In premarket trading Friday morning, Juniper shares were down $6.23, or more than 13 percent, from their Thursday close of $46.63 on Nasdaq.