May 06, 2009 at 16:49 PM EDT
Cisco profit down 24 Pct as sales drop
Cisco Systems Inc., world's largest maker of computer networking gear, says earnings fell 21 percent in its latest quarter, but results managed to surpass analyst' estimates.
(IBTimes) -- 05/06/2009 --

Cisco Systems Inc., world's largest maker of computer networking gear, says earnings fell 21 percent in its latest quarter, but results managed to surpass analyst' estimates.

The San Jose, Calif.-based company said net income fell to $1.3 billion, or 23 cents per share, in its third quarter ended April 25, compared with $1.8 billion, or 29 cents a share, in the year-earlier quarter.

The company said quarterly profit fell 24 percent from a year earlier but still beat Wall Street forecasts.

Excluding the cost of stock-based compensation and other items, Cisco's earnings are 30 cents per share, 5 cents above the average forecast of analysts polled by Thomson Reuters.

Sales fell 17 percent to $8.2 billion but also beat analyst expectations.

"Cisco delivered solid financial performance despite a challenging global economy and period of evolving market dynamics," said John Chambers, Cisco's chief executive.

"As we exit the quarter with a compelling financial position and an innovation engine from both a products and business model perspective, we believe we are well-positioned for the eventual economic recovery."

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