Networking equipment maker Juniper Networks Inc. warned that its second-quarter results will fall far short of Wall Street estimates and said it will cut 8% to 9% of its staff amid a slowdown in the telecommunications industry.
The job cuts could affect as many as 104 workers, based on an employee count of 1,162 as of March 31.
The earnings warning triggered a sell-off in Juniper shares, which were the biggest net decliner on Nasdaq. The stock dropped $8.61, or almost 18.5%, in heavy trading to close at $38.02.
Juniper cut its revenue estimate for the second quarter by a third, to a range of $200 million to $210 million, from its previous forecast of $300 million to $330 million.