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Cisco sees revenue and profit jump
Wednesday, May 07 2008
by Maxim Kelly


Cisco posted better-than-expected third quarter results with
a 10.4 percent year-on-year increase in revenue.

The world's largest network equipment maker announced that
its third quarter net sales reached USD9.8 billion, slightly
ahead of the USD9.75 billion Wall Street analysts had
expected and up on the USD8.9 billion posted during the same
quarter last year. Analysts said it was a sign that the shaky
US economy has not hit the company as hard as had been
feared.



"We are very pleased with our performance for the third
quarter in which we delivered 10 percent year-over-year
top-line growth," said Frank Calderoni, chief financial
officer with Cisco. "Our ability to deliver solid financial
results, excellent cash flow, and a strong balance sheet
during a quarter of somewhat uncertain macro-economic
conditions, illustrates the power of our business model."



Net income amounted to USD1.8 billion, based on generally
accepted accounting principles, down 5.4 percent on the same
period last year. This was in part due the company's
acquisition of the remaining 20 percent shares in start-up
Nuova Systems it didn't already own at the beginning of
April. Cisco's third quarter GAAP earnings per share dipped
3.3 percent, from the same period last year, to USD0.29. 



The company said net sales for the first nine months of
fiscal 2008 were USD29.2 billion, compared with USD25.5
billion for the first nine months of fiscal 2007. Its net
income for the first nine months of fiscal 2008, based on
GAAP, was USD6 billion or USD0.97 per share, compared with
USD5.4 billion or USD0.86 per share for the first nine months
of fiscal 2007.



"In the quarter, Cisco delivered solid financial results
driven by our focus on innovation, our broad and growing
global footprint, and our teams' focus on delivering
results," said John Chambers, chairman and CEO of Cisco. "We
believe that our steady performance is based on Cisco's
unique balance across business and technology architectures
and our continued focus on execution against our long-term
strategy."



Cisco's figures were slightly above expectations and it
provided a guidance figure of 9 to 10 percent sales growth
for its fourth quarter -- which matched analyst estimates.
Cisco's shares rose 1.1 percent to USD26.62 during after
hours trading following its results announcement.