Juniper Networks reported quarterly net revenues of $1,430.1 million, an increase of 13% year-over-year and an increase of 4% sequentially. Non-GAAP operating margin was 16.9%, an increase from 13.9% in the second quarter of 2022, and an increase from 14.8% in the first quarter of 2023. Non-GAAP net income was $189.0 million, an increase of 39% year-over-year, and an increase of 21% sequentially, resulting in non-GAAP diluted net income per share of $0.58.
“We delivered better than expected results during the June quarter as our teams continued to execute well and we benefited from improved supply,” said Juniper’s CEO, Rami Rahim. “We were particularly encouraged by the momentum we experienced in our Enterprise business, which not only had a record quarter, but also represented both our largest and fastest growing vertical for a third consecutive quarter. Our Mist AI platform continues to win in the market, driving record revenue for our wireless, wired switching and SD-WAN offerings, along with a record number of full-stack wins, in the Q2 period. While we are currently facing some near-term order weakness from our Cloud and to a lesser degree our Service Provider customers, we remain confident in our ability to deliver long-term growth based on continued Enterprise momentum and our expectations for an eventual recovery in our Cloud business.”
“We delivered another quarter of improved profitability in Q2, as non-GAAP gross and operating margin both exceeded the mid-point of our guidance, which enabled us to achieve non-GAAP EPS toward the high-end of our outlook,” said Juniper’s CFO, Ken Miller. “While we expect revenue to be challenged over the next few quarters, we remain committed to delivering greater than 100 basis points of non-GAAP operating margin expansion in 2023.”