The Sunnyvale, California-based Juniper Networks, Inc. (NYSE:JNPR) is cutting 500 jobs or around 5% of its labor force in an attempt to lower costs amid boosting rivalry from networking- equipment makers directed by Cisco Systems, Inc. (NASDAQ:CSCO), according to a person with knowledge about the matter.
The people, who refused to be identified as the technology company has not announced which operations are affected, stated that the jobs being slashed include few engineers involved with a set of products named QFabric, the product designed to assist businesses operate data centers more efficiently.
QFabric is vital to Juniper’s attempts to broaden beyond the phone corporation that makes up its customer core and to court big companies and Internet service providers.
Juniper spokeswoman Ellen Roeckl stated that the jobs being removed were part of a scheme sketched out in July to lower costs by $150 million till 2013.
Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Alcatel Lucent SA (ADR) (NYSE:ALU) fell -4.55% to settle at $1.05, Ciena Corporation (NASDAQ:CIEN) moved down -3.27% to end at $13.15 while Extreme Networks, Inc. (NASDAQ:EXTR) dropped -1.49% to finish at $3.30 on Monday.
Juniper Networks, Inc. (NYSE:JNPR)’s last session’s volume of 8.92 million shares was surprisingly higher than its average volume of 6.74 million shares. The stock after opening at $17.21 hit high price of $17.38 and then closed at $16.77 by scoring -1.99%.
The liquidity measure in recent quarter results of the company was recorded 2.91 as current ratio and on the other side the debt to equity ratio was 0.14 and long-term debt to equity ratio remained at 0.14. The Company had total cash of $3.44 billion at hand and a book value per share as $13.70 in the most recent quarter.
The stock’s price volatility was 3.33 % for a week and 3.04% for a month as well as price volatility’s Average True Range for 14 days was 0.57 and its beta remained at 1.72.
JNPR generated revenue of $4.33 billion in the previous twelve months and earned $253.92 million. The Company showed a positive 5.86% in the net profit margin as well as in its operating margin which remained at 9.34%. Company’s annual sales growth for the past five years was 14.07%.
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