Cisco posts lower 1Q net income
NEW YORK (AP) — Cisco's fiscal first-quarter revenue grew slower than expected and net income declined, sending its stock down in extended trading.
Cisco Systems Inc. said Wednesday that it earned $2 billion, or 37 cents per share, during the quarter. That's down 5 percent from $2.09 billion, or 39 cents per share, a year earlier.
Revenue grew 2 percent to $12.09 billion.
Adjusted earnings were 53 cents per share, 2 cents above Wall Street's expectations.
Analysts expected higher revenue of $12.35 billion, according to FactSet.
Cisco also expanded its share repurchase program by $15 billion.
Cisco's performance is widely regarded as a bellwether for the technology industry. That's because the San Jose, Calif., company cuts a broad swath, selling routers, switches, software and services to corporate customers and government agencies.