Now the stock is sliding back again after the company's bearish projections for Q2. Juniper says the near-term spending and sales environments require continued caution, and with that the company expects Q2 revenue to range from $1.03 billion to $1.06 billion, and earnings per share between $0.15 and $0.17 - in other words, flat with Q1 and down 5% to 8% from last year.
Nonetheless, Juniper reported positive trends with three new products taking a long time to ramp: the T4000 core router, the PTX packet/optical transport system, and the QFabric data center switching line. The first full quarter of revenue from the T4000 was "solid," Juniper officials said, citing an uptick in service provider demand and revenue during Q1.
Juniper also recorded its first revenue for the PTX in the first quarter, and now has 150 customers for the QFabric product line. Customers are deploying QFabric in both top-of-rack and full fabric configurations - top-of-rack and the core interconnect, company officials say.
Live production full fabric deployments include Qihoo 360 in China and Oracle in Australia. Juniper also noted that Jan Yperman hospital in Belgium is a QFabric win. T4000 customers in Q1 include Telstra and Virgin Media; and the London Internet Exchange placed an order for the PTX.
But the company declined to say what percentage of those 150 QFabric customers are full fabric deployments vs. top-of-rack only. And Juniper officials also declined to quantify the amount of revenue is received in Q1 for T4000, PTX and QFabric.
Juniper though said it was pleased with the progress in traction of the new products, which contributed to lagging results in the previous two quarters as customers took their time evaluating the upgrades.
Companywide, service provider revenue was $685 million, up 1% from Q4, 2011, but down 8% from Q1 of last year due to reduced demand in routing - customers were mulling the move to the T4000 from the T1600, among other factors.
Enterprise revenue was $347 million, down 22% from Q4 and 3% from Q1, 2011. The declines were due to lower routing business coming off a strong Q4 in the federal market; and seasonality in switching and security.
Total router revenue was $479 million in Q1, down 21% from a year ago. Total switching product revenue was $124 million, down 21% sequentially but up 23% from a year ago, driven by the EX4500 and EX2200, and shipments of QFabric.
Verizon contributed 15% of Juniper's revenue in the quarter.
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