Earnings: Cisco Revs Up 10 Percent; Flat Sequentially, Earnings Slide On Charge
This story was written by Joseph Weisenthal.
Economic bellwether and online video beneficiary Cisco (NSDQ: CSCO) has announced earnings, up 10 percent to $9.8 billion from $8.9 billion in the year-ago quarter ending March 31. This is a deceleration from the 16 percent growth it saw last quarter, and it's basically flat sequentially. Net income slipped 5.4 percent to $1.8 billion, but this quarter included a $246 acquisition-related charge. Excluding this, non-GAAP net income was up 9.4 percent to $2.3 billion ($.38 per share). Both the top and bottom line figures came in a bit ahead of estimates, but the question again is outlook. Last quarter, CEO John Chambers warned on the call that the company saw economic weakness for the next "several months". The question is what kind of guidance they'll give on this call.
By Joseph Weisenthal