Juniper Reports 46% Fall in Operating Profit

Juniper Networks Inc. reported a 46% drop in third-quarter operating profit to $32.5 million, or 10 cents a share, but the results exceeded forecasts, helping push its shares up in after-hours trading.

Revenue crept up to $201.7 million from $201.2 million and also was above expectations.

The Sunnyvale, Calif.-based company also announced a two-year stock buyback program worth as much as $200 million.

Analysts on average were expecting Juniper to report earnings of 7 cents a share on revenue of $187.92 million.

Shares jumped in after-hours trading to $20.35 from a close of $16.64 on Nasdaq, up $1.64, or 11%, for the day.