The following is an excerpt from David Zielenziger | January 27, 2012 | ibtimes.com |
Shares of Juniper Networks plunged nearly 11 percent as the Internet equipment maker reported dismal fourth-quarter results and it lost market share to No. 1 maker Cisco Systems.
Juniper shares were at $20.61, down 8 percent, in early Friday trading. They closed Thursday at $22.37, giving the Sunnyvale, Calif.-based company a market value of $11.8 billion. Before the market opened, they had fallen about 11 percent.
Juniper has had problems with earnings and maintaining its approximately 20 percent market share in the burgeoning market. Cisco Systems has more than 50 percent share. Both are major shippers of switches, hubs and routers that maintain Internet traffic.
Juniper said fourth-quarter net income plunged 50 percent to only $96.2 million, or 18 cents a share, as revenue dipped to only $1.12 billion.
Read more at: ibtimes.com
