Cisco beats the Street
Network equipment maker beats estimate by a penny; revenue down 3 percent
May 8, 2001: 4:28 p.m. ET
NEW YORK (CNNfn) - Data-networking equipment supplier Cisco Systems on Tuesday logged a quarterly profit that just beat lowered expectations.
Excluding one-time charges, the company, whose routers and switches are used to guide traffic over the Internet, said it earned $230 million, or 3 cents per share, during its fiscal third quarter ended April 28. That compares with a profit of 14 cents per share during the same quarter a year earlier, and is a penny more than the 2 cents per share analysts had generally expected.
At $4.73 billion, Cisco's third-quarter revenue fell 4 percent from the $4.9 billion in sales it reported during the year-ago quarter and was 30 percent below the $6.75 billion it reported in the fiscal second quarter.
On April 16, Cisco warned the Street that it expects its fiscal third-quarter revenue to be roughly 30 percent below the $6.75 billion it reported in the previous quarter and earnings per share to be "in the very low, single-digit range." |
