Cisco Systems (CSCO) Fiscal Q4 Tops Estimates Excluding Charges
For the fourth quarter the networking equipment company said earnings were $1.2 billion or 22 cents a share, down from $1.9 billion or 33 cents a share a year ago. The latest quarter’s results included a $772 million charge before taxes for one-time cost related to the 6,500 jobs eliminated during the period. Excluding that charge, Cisco earned 40 cents a share, topping analyst estimates for 38 cents a share. Estimates generally exclude one-time costs.
Revenue rose 3.3 percent in the period to $11.2 billion, which also exceeded analyst estimates for $11 billion. However, sales of switches fell 4 percent to $3.44 billion.
Many of Cisco’s competitors in the networking space have posted sagging revenue and soft outlooks. Cisco has worked to reduce expenses in the past quarter, including the large layoff last month to become leaner as the economy has fluttered.
“As we start our next fiscal year, you will see a very focused, agile, lean and aggressive company,” said Cisco CEO John Chambers statement.
Source : http://www.americanbankingnews.com/2011/08/10/cisco-systems-csco-fiscal-q4-tops-estimates-excluding-charges/