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Juniper Networks, Inc. Reports Q2'04 Financial Results

Q2'04 Net Revenue $306.9M; GAAP Net Loss Per Share $0.02; Non-GAAP EPS $0.08

Complete Q2'04 Earnings Results

Sunnyvale, CA - July 13, 2004 - Juniper Networks, Inc. (NASDAQ: JNPR) today reported its results for the quarter ending June 30, 2004.

Net revenues for the second quarter were $306.9 million, compared with $165.1 million for the same period last year, an increase of 86 percent.

GAAP net loss for the second quarter was $12.6 million or $0.02 per share, compared with a GAAP net income of $13.6 million or $0.03 per share in the second quarter of 2003. Non-GAAP net income was $42.7 million or $0.08 per share, compared with non-GAAP net income of $10.3 million or $0.03 per share in the second quarter of 2003. See the table at the bottom of the Non-GAAP Condensed Consolidated Statements of Operations for a reconciliation of the non-GAAP net income to the GAAP net loss.

Cash provided by operations was $119.0 million for the second quarter, compared to cash provided by operations of $60.3 million for the same period last year. Capital expenditures and depreciation during the second quarter were $12.1 million and $10.1 million, respectively.

In a separate announcement, Juniper today announced that its Board of Directors authorized a stock repurchase program of up to $250 million.

"The key to Juniper's strong second quarter results was our simultaneous execution," said Scott Kriens, chairman and CEO of Juniper Networks. "We met our financial objectives, exceeded our goals for integration of the NetScreen acquisition, expanded our partner and channel relationships, all while remaining intensely focused on our customers and their needs for secure high performance network solutions. As a result, our momentum and the confidence of our customers put us in an incredible position as we enter the second half of 2004."

Juniper Networks will host a conference call web cast today, July 13, 2004 at 1:45 p.m. PT/4:45 p.m. ET at: https://www.juniper.net/company/investor/conferencecall.html. In addition, there will be an audio replay available through August 13, 2004 at https://www.juniper.net/company/investor/conferencecall.html or you can call the replay at 800-633-8284 (or 402-977-9140) and enter the reservation number, 21200631, through July 20, 2004. The replays will be available 24 hours/day, including weekends.

About Juniper Networks, Inc.

Juniper Networks transforms the business of networking by creating competitive advantage for our customers with superior networking and security solutions. Juniper Networks is dedicated to customers who derive strategic value from their networks, including global network operators, enterprises, government agencies and research and educational institutions. Juniper Networks' portfolio of networking and security solutions supports the complex scale, security and performance requirements of the world's most demanding mission critical networks. Additional information can be found at www.juniper.net.

Juniper Networks, the Juniper Networks logo, NetScreen, NetScreen Technologies, the NetScreen logo, NetScreen-Global Pro, ScreenOS, and GigaScreen are registered trademarks of Juniper Networks, Inc. in the United States and other countries.

Statements in this release concerning Juniper Network's business outlook, future financial and operating results, overall future prospects and stock repurchase program are forward looking statements that involve a number of uncertainties and risks. Actual results could differ materially from those anticipated in forward-looking statements in this release as a result of certain factors, including those set forth in the risk factors described in the Company's most recent Form 10-Q filed with the Securities and Exchange Commission. All statements made in this press release are made only as of the date set forth at the beginning of this release. Juniper Networks undertakes no obligation to update the information in this release in the event facts or circumstances subsequently change after the date of this press release.