For the three months ended Dec. 31, 2008, Juniper recorded revenue of US$923.5 million, which fell short of consensus analyst estimates of $936.2 million, according to Thomson Financial. It also came in on the short side of Juniper's guidance of $921 million to $971 million for the quarter.

Revenue was also down 2.5% from the third quarter.

Earnings, excluding charges, expenses and other items, were in line with Wall Street estimates: $169 million, or $0.32 per diluted share, up 19% from a year ago.

For the full year, Juniper posted revenue of $3.57 billion, a 26% hike from 2007 results. Earnings, excluding charges, expenses and other items, were $650.8 million, or $1.18 per diluted share, up 36% from 2007's results.

"Even in this , we managed to grow year-over-year quarterly revenue by 14% and non-GAAP diluted earnings per share by 19%," said Juniper CEO in a statement. "We continue to play offense and grow market share while at the same time taking action to responsibly manage our cost structure.... Juniper is positioned for accelerated growth once market conditions improve."