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Cisco beats estimates with second-quarter earnings rising 44 percent; sales up 11 percent
NEW YORK (AP) ' Cisco, the world's largest maker of computer networking equipment, says its net income jumped 44 percent in the latest quarter as it continues to put last year's slump behind it.
Cisco Systems Inc. has emerged leaner after a round of layoffs and a narrowing of its focus.
Net income was $2.2 billion, or 40 cents per share, in the fiscal second quarter, which ended Jan. 28. That compares with earnings of $1.5 billion, or 27 cents per share, a year ago.
Excluding the cost of stock-based compensation and some acquisition-related amortization, Cisco earned 47 cents per share. Analysts polled by FactSet had expected earnings of 43 cents per share on that basis.
Revenue was $11.5 billion, up 11 percent from $10.4 billion a year ago. Analysts expected $11.2 billion.