Juniper Networks (NYSE: JNPR), a leader in secure, AI-driven networks, today reported preliminary financial results for the three months ended March 31, 2022 and provided its outlook for the three months ending June 30, 2022.
First Quarter 2022 Financial Performance
Net revenues were $1,168.2 million, an increase of 9% year-over-year and a decrease of 10% sequentially.
GAAP operating margin was 5.0%, an increase from 2.6% in the first quarter of 2021, and a decrease from 11.8% in the fourth quarter of 2021.
Non-GAAP operating margin was 11.8%, a decrease from 12.1% in the first quarter of 2021, and a decrease from 18.3% in the fourth quarter of 2021.
GAAP net income was $55.7 million, an increase from the loss reported in the first quarter of 2021, and a decrease of 58% sequentially, resulting in a diluted net income per share of $0.17.
Non-GAAP net income was $101.6 million, an increase of 3% year-over-year, and a decrease of 45% sequentially, resulting in non-GAAP diluted net income per share of $0.31.
The reconciliation between GAAP and non-GAAP results of operations is provided in a table immediately following the Preliminary Net Revenues by Geographic Region table below.
“Business momentum remained strong and exceeded our expectations during the March quarter, with solid double-digit order growth across all customer verticals and all customer solutions,” said Juniper’s CEO, Rami Rahim. “While some of this strength speaks to the health of our markets, much of this demand can be attributed to strong execution across our product management, engineering, and go-to-market organizations. We believe the technical differentiation of our customer solutions should position us to benefit from the various industry tailwinds that are likely to increase demand for network infrastructure in the years to come.”
“We delivered strong financial results during Q1, as revenue came in above the mid-point of our guidance and we met the mid-point of our non-GAAP earnings per share outlook, despite continued challenges from a supply chain perspective,” said Juniper’s CFO, Ken Miller. “Our global teams are executing extremely well and we continue to take actions to further strengthen our supply chain resilience. Based on our recent momentum, the strong backlog we’ve built and our efforts to further strengthen our supply, I remain confident in our ability to accelerate growth and improve profitability on a full-year basis.”