Juniper Networks (NASDAQ:JNPR) remains stunted this morning even after an earnings report that shows triple-digit growth rates for both revenues and earnings.

Much of the Street's 5% trim can be reasonably attributed to high hopes that were not surpassed. Even given the firm's robust recent growth, the stock's been valued at a pretty high premium when compared with peers such as market leader Cisco Systems (NASDAQ:CSCO), Alcatel (NYSE:ALA), or Nortel Networks (NYSE:NT).

The Q3 numbers are enough to give even enthusiastic number-crunchers a cramp. Organic revenue growth vs. the NetScreen acquisition. GAAP-eps, non-GAAP eps. Which is it, man?

To start at the top, the $375 million in revenue was 118%. The firm's traditional infrastructure biz contributed a healthy 78% jump. There was an additional $90 million in sales owing to the firm's newer security products and services, which was about 10% less than internal targets -- and that's another one of the reasons stock watchers are giving for today's drop.

Earnings came to $0.09 per share, a big jump over $0.02 for last year's quarter. Of course, management would rather you look at the non-GAAP figure of $0.13, which excludes a slew of acquisition-related charges. There was plenty for shareholders to celebrate, including an increase in gross margin -- nearly 70% now -- and reduced costs. Net margin came to 13% -- a big improvement, but still not up to Cisco's 20% levels.

Given the solid news here, there are really two questions investors need to ask themselves regarding the valuation: First, can the growth continue? Are Verizon (NYSE:VZ), Lucent (NYSE:LU), Ericsson (NASDAQ:ERICY), and the others going to continue moving Juniper's product at this rate? And for how long?

Finally, what's in it for me? Keep in mind that Juniper is one of the most aggressive options-granters out there. The employee rewards accounted for in the footnotes of the latest 10Q would swing the reported $0.04 per share net profit for the first half of the year down to a $0.01 loss.

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Seth Jayson still networks via string and soup cans. At the time of publication, he had positions in no company mentioned. View his stock holdings and Fool profile here. Fool rules are here.