Juniper Networks today released a report of their financial results in a three-month period, ending September 30, 2010.

The company experienced a third quarter increase of 23% on a year-over-year basis, and 3% increase sequentially, at $1,012.4 million.  GAAP net income is $134.5 million, or $0.25 per diluted share while non-GAAP net income is $171.5 million, or $0.32 per diluted share. Non-GAAP net income per diluted share surged to 39% from the same quarter a year before and 7% compared to this year’s previous quarter.

— Record Revenue of $1,012.4 million, up 23% year-over-year and up 3% sequentially
— Operating Margin: 19.3% GAAP; 24.1% non-GAAP
— GAAP Net Income Per Share: $0.25 diluted
— Non-GAAP Net Income Per Share: $0.32 diluted, up 39% year-over-year and up 7% sequentially

“Juniper’s results reflect our ability to deliver on the promise of the New Network with cost effective solutions that scale to meet growing network demand,” said Juniper CEO Kevin Johnson. “We anticipate customer demand to remain healthy and are well-positioned to drive further gains as we enable the deployment of secure, scalable wireless networks and deliver solutions to the growing cloud computing market.”

Additionally, the company acquired SMobile for $69 million on the same quarter of the year. SMobile is a privately-held software company exclusively for smartphones and tablet security. The acquistion will improve security provided by Junos Pulse.  Juniper Networks has had a number of other developments this year, including a recent product launch and a study delving into the enterprise needs of the cloud.

A number of other cloud companies like IBM and EMC showed gains for Q3, indicating strong progress for the industry.

See below for theCUBE interview, where Abner Germanow, Director of Enterprise Marketing at Juniper Networks discusses some of the challenges and opportunities the company has faced this year, with the progression of networking and virtualization.