Juniper, Sonus rise after beating Q2 forecasts - UPDATE 2 10.07.2003 23:06 Headlines
SAN FRANCISCO (AFX) -- Juniper Networks and Sonus Networks kicked off the
parade of quarterly results for the networking sector after Thursday's closing
bell, and both firms beat analysts' expectations.
The Nasdaq-100 After Hours Indicator, a barometer of evening trade in tech
stocks, was higher by a scant 0.4 points.
After the closing bell, Juniper Networks posted a second-quarter net profit of
$13.6 million, or 3 cents a share. Excluding certain one-time items, the network
equipment maker earned $10.3 million, or 3 cents a share to top Wall Street
analysts' estimates of 2 cents a share. Revenue was $165.1 million, which beat
analysts' forecasts of $159.6 million.
Shares of Juniper rose 15 cents, or 1.1 percent, to trade at $14.26 and held the
second most-actives spot on Island ECN.
Edging out Juniper for volume were shares of telecom parts maker Sonus Networks
, which also reported second-quarter results after the bell that beat analysts'
expectations.
Sonus reported a second-quarter net loss of $3.2 million or a penny per share
compared with a net loss of $17.8 million, or 9 cents a share, in the second
quarter of 2002.
Excluding charges, the firm also posted a loss of a penny per share, beating
analysts' forecasts of a 2 cent loss.
Sonus shares rose 58 cents, or 10.1 percent, from its 4 p.m. close to change
hands for $6.30.
But Powerwave Technologies , which makes amplifiers used by wireless phone
service providers, swung to a second-quarter loss of $15.2 million, or 23 cents
a share, as revenue was cut by more than half to $51.5 million from the same
quarter last year.
Excluding charges, the company lost 14 cents a share, which was a nickel worse
than expected, according to Thomson First Call.
At last check, Powerwave stock was down 26 cents, or 3.3 percent, at $7.54.
Plumtree Software reported a second-quarter loss as well. The company said it
had a net loss of $1.1 million, or 4 cents per share, versus a profit of $1.3
million, or 4 cents per share, in the same quarter last year.
Three analysts polled by Thomson First Call had expected the company to break
even, on average. Plumtree earned $1.3 million, or 4 cents, in the same quarter
last year. Sales fell 25 percent to $17 million, down from $22.6 million.
Plumtree stock tumbled 8.5 percent to change hands for $3.77 in after-hours
dealings.
The Dow Jones Industrial Average lost 120.17 points, or 1.3 percent, to end
Thursday's session at 9,036.04, while the Nasdaq Composite fell 31.77 points,
or 1.8 percent, to close at 1,715.69.
This story was supplied by CBSMarketWatch. For further information see
www.cbsmarketwatch.com.
