What: Shares of networking gear specialist Juniper Networks (NYSE:JNPR) have gotten demolished today, down by 14% as of 12:30 p.m. ET, after the company reported fourth-quarter earnings.
So what: Revenue in the fourth quarter increased 20% to $1.3 billion, and non-GAAP net income was $247.6 million, or $0.63 per share. While those results were slightly ahead of the Street's expectations, there was some other bad news in store: Guidance left a little bit to be desired, and Juniper's CFO is stepping down as well.
Now what: CFO Robyn Denholm is resigning, but she will stay at the company for several months to ensure a smooth transition as the company plans to promote Ken Miller to the position as part of its succession plan. Juniper did not elaborate on why Denholm is stepping down. Guidance for the coming quarter calls for revenue of approximately $1.2 billion and adjusted net income of $0.42 to $0.46 per share. Both figures are below consensus estimates, and Juniper cited macroeconomic uncertainties that may cause "potential lumpiness in customer investment patterns."