Cisco's 2Q Earnings Fall, But Still Top Views

FOXBusiness

Computer networking giant Cisco Systems Inc. (NASDAQ:CSCO) said its quarterly earnings fell 18% from a year earlier, but the results were still better than analysts had predicted.

Cisco reported net income of $1.52 billion, or 27 cents a share, for the period ended Jan. 29. That compares with earnings of $1.85 billion, or 32 cents a share, for the same period a year ago.

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"The quarter played out as we expected. Our strategy of tightly integrating our multiple products through an architectural approach is working, and we are delivering innovation in each major product family," Cisco’s chairman and CEO John Chambers said in a statement.

Earnings on a non-GAAP basis came in at $2.1 billion, or 37 cents per share, for the recent period, down 11% from last year, the company said. Revenue rose 6% to $10.4 billion.

Analysts had predicted earnings of 35 cents a share on revenue of $10.3 billion.

Cisco reported cash flow from operations of $2.6 billion compared to $1.7 billion for the previous period ended Oct. 30. Cash and cash equivalents at the end of the quarter totaled $40.2 billion.

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