Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Juniper Networks (NYSE: JNPR) sank by 11% at the open this morning, but have trimmed those losses to a modest 3% after reporting earnings yesterday.

So what: Fourth quarter revenue shrank 6% to $1.12 billion, with adjusted earnings per share declining by a third, to $0.28. Full year results were a little better, with revenue growing 9% to $4.4 billion and the $1.19 per share profit was just a 10% drop.

Now what: CEO Kevin Johnson said the softness was due to weak demand from service providers, but that the company was still able to deliver record revenues for the year. The fourth quarter was unusually slow, since some of Juniper's largest customers had cut back spending. The company expects the near-term to "remain challenging," and the next quarter's projected profit of $0.11 to $0.14 is far shy of the $0.26 that the Street was looking for.

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Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.