Cisco Systems reported a dip in profit
for its fiscal first quarter and its revenue fell short of expectations
The San Jose, Calif.-based technology giant reported a fiscal first-quarter
profit of $2 billion, or 37 cents a share, compared with a profit of $2.1
billion, or 39 cents a share, for the year-earlier period
Revenue rose to $12.1 billion from $11.9 billionAdjusted profit was 53 cents a share
Analysts polled by Fact Set on average were expecting a profit of 51 cents a share, on revenue of $12.35 billion
In a statement, Chief Executive John Chambers acknowledged that the company’s “revenue growth was below our expectation,” but also said, “Our financials are strong, our strategy is strong and our innovation engine is executing extremely well.”
The company also said its board has approved a plan to buy back an additional $15 billion in shares
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