Juniper networks, the second largest network equipment maker, said profit rose 66 percent in its first quarter and raised its outlook for the year.
The Sunnyvale, California-based company said net income was $110.4 million, or 20 cents per share, compared to $66.6 million, or 11 cents a year ago. Excluding certain costs, the company earned 27 cents per share, beating analysts' expectations, according to a survey by Thomson Reuters.
The firm held its revenue forecast for 2008 of $3.4 billion to $3.55 billion.
The revenue for the quarter ending March 31 was up 31 percent to $822.9 million compared to $626.9 million a year earlier.
The strength of our first quarter results continue to underscore the value of Juniper's commitment to high-performance networking, said Scott Kriens, chairman and chief executive officer, Juniper Networks, Inc.
Shares of Juniper Networks rose 36 cents, or 1.42 percent to close at $25.73 on the New York Stock Exchange.