Secure and AI-driven networks provider, Juniper Networks announced the company’s financial results for the fourth quarter and the fiscal year ended 31 December. The company’s net revenues were increased by 6% for the quarter and 7% for the full-year 2021, year-over-year. The company stated that they continued their strength, record backlog, and actions to strengthen supply.
Business highlights
The company also shared its expectations for the next year. The company expects revenue to increase 7% year-over-year. Juniper Networks also stated that they are experiencing supply chain-related headwinds associated with rising component costs and shortages. Iy also includes high freight costs, which are expected to continue for the first half of the next fiscal year.
Fourth-quarter performance:
- Net revenues were $1,299.9 million, an increase of 6% year-over-year, and an increase of 9% sequentially.
- GAAP operating margin was 11.8%, an increase from 8.0% in the fourth quarter of 2020, and an increase from 10.1% in the third quarter of 2021.
- Non-GAAP operating margin was 18.3%, a decrease from 19.3% in the fourth quarter of 2020, and an increase from 16.6% in the third quarter of 2021.
- GAAP net income was $132.9 million, an increase of 331% year-over-year, and an increase of 49% sequentially, resulting in diluted earnings per share of $0.40.
- Non-GAAP net income was $184.7 million, an increase of 2% year-over-year, and an increase of 22% sequentially, resulting in non-GAAP diluted earnings per share of $0.56.
Full-year performance:
- Net revenues were $4,735.4 million, an increase of 7% year-over-year.
- GAAP operating margin was 8.2%, an increase from 7.9% in the fiscal year 2020.
- Non-GAAP operating margin was 15.9%, an increase from 15.5% in the fiscal year 2020.
- GAAP net income was $252.7 million, a decrease of 2% year-over-year, resulting in diluted earnings per share of $0.76, a decrease of 1% year-over-year. The change in GAAP net income was primarily due to higher operating expenses and a higher tax rate, partially offset by higher revenue.
- Non-GAAP net income was $576.2 million, an increase of 11% year-over-year, resulting in diluted earnings per share of $1.74, an increase of 12% year-over-year.
Rami Rahim, CEO of Juniper Networks said,
« We experienced better than expected demand during the December quarter, with strong double-digit order growth across all verticals, all customer solutions, and all geographies. Our commitment to delivering products that simplify operations and deliver a superior end-user experience, what we call experience-first networking, is resonating with our customers and allowing us to capitalize on several large and growing markets. We believe this focus, along with the investments we’ve made in our go-to-market organization, will enable us to accelerate our growth in 2022. »