Cisco posts revenue, profit gains, continues push beyond networks
Cisco Systems revenue and profit increased in the company’s fourth quarter compared to a year earlier as the company continued its push to transcend its networking roots and become the world’s top IT company.
Revenue rose 6 percent to $12.4 billion in the quarter, which ended July 27. Net income rose even more steeply, up more than 18 percent to $2.3 billion.
Counted as earnings per share, the company’s profit went up almost 17 percent to reach $0.42.
“My confidence in our ability to be the #1 IT company is increasing,” said CEO John Chambers in a statement. “Now, more than ever, our customers and our partners want Cisco’s help navigating the inconsistent global landscape successfully. They recognize the benefit of a partner who is not only the leader in their product categories, but can bring technologies and solutions together in an architecture to lower operating costs, reduce time to results, and future proof their investments.”
Last year’s fourth quarter came amid widespread economic woes in Europe and cautious optimism from Cisco about signs of U.S. growth. The company’s core switching and routing business was flat during that period.
For its full fiscal year, Cisco’s revenue rose 5.5 percent to $48.6 billion and profit increased almost 25 percent to $1.86 per share.