Cisco revenue slips for fifth straight quarter

Markets Reuters

FILE PHOTO - The logo of Dow Jones Industrial Average stock market index listed company Cisco is seen in San Diego, California April 25, 2016. REUTERS/Mike Blake/File Photo (Copyright Reuters 2017)

Cisco Systems Inc's quarterly revenue fell for the fifth straight quarter, hurt by sluggish demand in its legacy network equipment business.

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The company's net income fell to $2.35 billion, or 47 cents per share, in the second quarter ended Jan.28 from $3.15 billion, or 62 cents per share, a year earlier.

The world's largest networking gear maker said revenue fell 2.9 percent to $11.58 billion.

To offset sluggish demand for its traditional lineup of switches and routers, Cisco has been focusing on areas such as security, the internet of things and cloud computing.

(Reporting by Rishika Sadam in Bengaluru; Editing by Saumyadeb Chakrabarty)