Cisco Systems Inc. (CSCO) on Wednesday reported profit that declined by 1 percent in its fiscal fourth quarter, but beat analysts' expectations.
The San Jose, California-based company said earnings fell to $2.25 billion, or 43 cents per share, from $2.27 billion, or 42 cents per share, in the same quarter a year ago.
Earnings, adjusted for one-time gains and costs, came to 55 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.
The seller of routers, switches, software and services reported revenue of $12.36 billion compared with $12.42 billion in the same quarter a year ago. Analysts expected $12.12 billion, according to Zacks.
Cisco shares have risen 12 percent to $25.20 this year. The stock dropped 40 cents, or 1.6 percent, to $24.80 in after-hours trading Wednesday.