Juniper Networks posted an increase in fourth-quarter revenue but missed analysts’ expectations and said it was deferring $3 million in revenue pending an audit of sales through Japanese distributors.
For the fourth quarter ended Dec. 31, the second- largest maker of networking equipment reported net income of $132.5 million, or 25 cents per share, up from $122.9 million, or 22 cents per share in the same period last year. The company missed analysts’ expectations of 32 cents per share on charges from special items, including stock-based compensation.
The company reported revenue of $923.5 million, up 14 percent from $809.18 million in 2007.
“Juniper’s results are a testament to our continued focus on both the technology investments that drive the competitiveness of our products and on our operational execution,” CFO Robyn Denholm said in a statement.
The company questions the accuracy of point of sales reports from some distributors in Japan and expects to complete its review before the filing of its annual report. Total Japan distributor-related revenue was about $13 million in the fourth quarter, including the deferral of $3 million.
For the full year, the company posted net income of $511.7 million, or 93 cents per share, up 41% from $360.83 million, or .62 cents per share in 2007.
Revenue rose 25.9 percent, to $3.57 billion, up from $2.83 billion the year earlier.