Cisco beats estimates on $2.6 billion net income
updated 06:14 pm EST, Tue November 13, 2012
Cisco records $11.9 billion in revenues
Cisco Systems reported earnings for the most recent financial quarter today, revealing quarterly revenue and earnings that beat the average Wall Street analyst estimates. The networking equipment manufacturer reported a six percent jump in revenue year-over-year, totaling $11.9 billion. Wall Street had expected Cisco to log about $11.77 billion in revenue for the quarter.
Cisco also saw a jump in its first quarter net income, up 10.6 percent year-over-year to $2.6 billion, or 48 cents per share. Analysts had expected 46 cents per share.
Analysts attributed Cisco's outperforming estimates to a greater emphasis on routing combined with an ongoing effort to reduce operational expenses partly through staffing reductions.
Cisco also outperformed analysts' expectations last quarter, pulling in $100 million more than Wall Street had expected. Since killing off its Cius tablet earlier this year, the company has refocused its efforts on a group of core functions, including routing, virtualization, and enterprise-oriented services.
