Juniper Networks is cutting 3 percent of its workforce after saying its fourth-quarter revenue is likely to fall short of Wall Street's expectations.
Kevin Johnson, Juniper's CEO, said on Wednesday that the company is immediately cutting 280 jobs across the business.
Demand for telecommunications equipment remains inconsistent even as mobile Internet traffic continues to grow rapidly, Bloomberg noted. Juniper has been crippled by the network industry's shift from routers and switches to software for handling tasks, noted FBR Capital Markets & Co. analyst Scott Thompson.
"There's a definite shift going on, especially in the service provider space. If you're not benefiting from that shift, you're probably losing out on the opportunities you might have otherwise," Thompson said, as quoted by Bloomberg.
Juniper ackowledged this past summer that the SEC and Dept. of Justice are investigating it for accusations involving bribery of foreign officials to win business. Juniper said in August that it is fully cooperating with the investigation.