Network equipment maker Juniper Networks Inc. said Thursday preliminary results showed it posted a $4.5 million net loss in the first quarter, a big drop from a year earlier as revenue sank and the company booked a big charge because of tax law changes.
Juniper shares jumped over $20 a share in after-hour trading. Experts say that is because the company said it saw stability in the tech spending market.
Back to the earnings: Juniper lost a penny per share, compared to net income of $110.4 million, or 20 cents per share, in the first quarter a year earlier.
Revenue in the quarter to March 31 fell 7 percent to $764.2 million from $822.9 million.
The loss in the recent quarter included a one-time charge of $61.8 million, or 12 cents per share, related to changes in California tax law.
The company said its adjusted net income was $91.6 million, or 17 cents per share.
That was in line with the expectations of analysts polled by Thomson Reuters, who predicted earnings of 17 cents per share on $764.4 million in revenue.
Juniper said its revenue and operating margins were consistent with preliminary results announced earlier in April.
Juniper shares, which closed up 47 cents, or 2.5 percent, at $19.26, rose another $1.34, or 7 percent, to $20.60 in aftermarket trading.