Juniper Networks has added to the gloom in the networking market by reporting a loss for the quarter ending March 31, 2002. Net revenues for the first quarter were $122.2 million, a decrease of 63%. Actual net loss was $46.0 million, compared with net income of $58.6 million in the first quarter of 2001.
The Q1 losses included the amortisation of deferred compensation of $13.6 million, amortisation of purchased intangibles of $1.6 million and write-downs in equity investments totalling $30.6 million.
Commenting on the results, Scott Kriens, Chairman and CEO of Juniper Networks said: The critical objective for Juniper Networks is to position ourselves for the industry recovery. The company benefits from increased customer reception, and remains financially healthy while committed to investment and innovation across multiple markets, which will drive our growth as the industry outlook improves.