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Juniper Networks, Inc. Reports Q3'04 Financial Results

Q3'04 Net Revenue $375.0M; GAAP EPS $0.09; Non-GAAP EPS $0.13

Complete Q3'04 Earnings Results

Sunnyvale, CA - October 14, 2004 - Juniper Networks, Inc. (NASDAQ: JNPR) today reported its results for the quarter ending September 30, 2004.

Net revenues for the third quarter were $375.0 million, compared with $172.1 million for the same period last year, an increase of 118 percent.

GAAP net income for the third quarter was $48.8 million or $0.09 per share, compared with a GAAP net income of $7.2 million or $0.02 per share in the third quarter of 2003. Non-GAAP net income was $73.5 million or $0.13 per share, compared with non-GAAP net income of $14.7 million or $0.04 per share in the third 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 income.

Cash provided by operations was $105.2 million for the third quarter, compared to cash provided by operations of $42.9 million for the same period last year. Capital expenditures and depreciation during the third quarter were $25.0 million and $10.6 million, respectively.

"We are once again pleased with our revenue and earnings growth for the quarter, and as a result we are investing that success in scaling the business for continued expansion," said Scott Kriens, chairman and CEO of Juniper Networks. "We see consistent and strong reinforcement for our strategy and will remain focused on capitalizing on the opportunities we see and the position we enjoy in the marketplace today."

Juniper Networks will host a conference call web cast today, October 14, 2004 at 1:45 p.m. PT/4:45 p.m. ET at: https://www.juniper.net/company/investor/conferencecall.html. The conference call will be archived on the Juniper Networks website until November 30, 2004. A replay will be accessible by telephone after 3:00 p.m. PT, through October 21, 2004 by dialing 800-633-8284 (or 402-977-9140), reservation number, 21209936. 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.

Complete Q3'04 Earnings Results