Juniper Networks Inc. said Tuesday that its first-quarter profit fell as higher costs overshadowed increasing demand for its networking equipment.
The results met analyst expectations but Juniper gave guidance for lower-than-expected earnings in the second quarter.
Shares of Juniper, however, rose more than 3 percent in after-hours trading.
Citing to preliminary results, Juniper said that in in the January-March period it earned $129.8 million, or 24 cents per share, compared with 163.1 million, or 30 cents per share, in the year-ago quarter.
When excluding unusual items, the company earned 32 cents per share, which is what analysts polled by FactSet were expecting.
Revenue climbed 21 percent to $1.10 billion, matching analyst estimates. The majority of revenue came from product sales, which rose 22 percent to $877.4 million.
Expenses also rose, however, jumping 24 percent to $558.5 million.
For the current quarter, Juniper predicted an adjusted profit of 31 cents to 34 cents per share on revenue of between $1.13 billion and $1.18 billion.
Analysts are hoping for adjusted earnings of 36 cents per share on $1.16 billion in revenue.
Juniper’s stock increased $1.23, or 3.2 percent, to $39.70 in after-market trading. The stock had finished regular trading up 21 cents at $38.47.