Juniper Networks, Inc. (NYSE: JNPR) has reported preliminary financial results for the three months ended March 31, 2010.

Net revenues for the first quarter of 2010 increased 19 percent on a year-over-year basis to $912.6 million. The Company posted GAAP net income of $163.1 million, or $0.30 per diluted share, and non-GAAP net income of $146.4 million, or $0.27 per diluted share for the first quarter of 2010. GAAP net income includes a non-recurring income tax benefit of $54.1 million, or $0.10 per diluted share, related to a change in the tax treatment of stock-based compensation in research and development cost sharing arrangements for certain U.S. multinational companies due to a federal appellate court ruling in the first quarter of 2010. Non-GAAP net income per share increased 59 percent compared to the first quarter of 2009.

In October 2009, the Financial Accounting Standards Board issued new accounting guidance related to revenue recognition. Juniper Networks adopted this accounting guidance early on a prospective basis for transactions originating or materially modified after December 31, 2009. As a result, net revenues for the first quarter of 2010 were approximately $25 million higher than the net revenues that would have been recorded under the previous accounting rules. The increase was attributable to transactions that were booked and shipped in the first quarter. To read the entire financial report, access this direct link.