Menu
Cisco Q1 revenue falls short as profit drops from last year

Cisco Q1 revenue falls short as profit drops from last year

The company's fiscal first-quarter profit was down from a year earlier

Cisco Systems missed its revenue forecast and logged a year-over-year profit decline in its fiscal first quarter.

The rare miss for the networking giant, considered one of the bellwethers of the technology industry, came after Cisco announced 4,000 layoffs at the time of its last financial report in August. At that time, the company cited uneven economic conditions in some parts of the world and a streamlining of its organization.

"While our revenue growth was below our expectation, our financials are strong, our strategy is strong and our innovation engine is executing extremely well," Chairman and CEO John Chambers said in a press release.

The company reported US$12.1 billion in revenue, which fell short of the consensus of analysts polled by Thomson Financial, who had expected $12.36 billion.

Cisco earned net income of $2 billion in the quarter, down 4.6 percent from $2.1 billion a year earlier, measured according to generally accepted accounting principles. That came out to $0.37 per share, down from $0.39 per share.

Not counting certain one-time items, Cisco earned $0.53 per share, exceeding analysts' forecast of $0.51 per share.

(More to follow.)


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags business issuesNetworkingfinancial resultsCisco Systems

Featured

Slideshows

Meet the leading customer-centric Microsoft channel partners

Meet the leading customer-centric Microsoft channel partners

Microsoft honoured leading partners across the channel following a year of customer innovation and market growth in New Zealand. The 2018 Microsoft Partner Awards recognised excellence within the context of the end-user, spanning a host of emerging and established providers.

Meet the leading customer-centric Microsoft channel partners
Reseller News launches new-look Awards at 2018 Judges’ Lunch

Reseller News launches new-look Awards at 2018 Judges’ Lunch

Introducing the Reseller News Innovation Awards, launched to the channel at the 2018 Judges’ Lunch in Auckland. With more than 70 judges now part of the voting panel, the new-look awards will reflect the changing dynamics of the channel, recognising excellence across customer value and innovation - spanning start-ups, partners, distributors and vendors.

Reseller News launches new-look Awards at 2018 Judges’ Lunch
Show Comments