Cisco's latest results show signs of turnaround
NEW YORK (AP) — Cisco Systems, the world's largest maker of computer networking gear, is showing signs of pulling a turnaround, exceeding analyst sales expectations for the second quarter in a row.
The San Jose, Calif., company had net income of $1.8 billion, or 33 cents per share, in the fiscal first quarter, which ended in October. That compares with $1.9 billion, or 34 cents per share, a year ago.
Excluding special items, earnings were 43 cents per share, 3 cents above the average projection of analyst polled by FactSet.
Revenue grew nearly 5 percent from last year to $11.3 billion. That was about $230 million above analyst estimates.
Cisco Systems Inc. has been slashing jobs and culling divisions this year in an effort to revive growth.