Juniper Networks reported quarterly net revenues og $1,371.8 million, an increase of 17% year-over-year and a decrease of 5% sequentially. Non-GAAP net income was $156.6 million, an increase of 54% year-over-year, and a decrease of 27% sequentially, resulting in non-GAAP diluted net income per share of $0.48.
GAAP operating margin was 8.4%, an increase from 5.0% in the first quarter of 2022, and a decrease from 14.0% in the fourth quarter of 2022.
“We experienced strong revenue results during the March quarter, delivering year-over-year growth across all customer solutions and all geographies,” said Juniper’s CEO, Rami Rahim. “Despite market uncertainties, I remain confident in our strategy and our ability to deliver another year of healthy revenue growth based on the momentum we are seeing with our customers, the continued strength of our backlog, and the improvements we are seeing with respect to supply.”
“We delivered better than expected profitability during the March quarter, as non-GAAP gross and operating margin both came in well above the mid-point of our guidance, which enabled us to exceed the high-end of our non-GAAP EPS outlook,” said Juniper’s CFO, Ken Miller. “We remain focused on delivering improved profitability and expect to expand operating margin by greater than 100 basis points in 2023.”