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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 71.08+0.1%Nov 7 3:59 PM EST
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To: RetiredNow who wrote (57020)2/4/2002 1:39:57 AM
From: Stock Farmer  Read Replies (2) of 77397
 
My guess is that margins are down primarily because of inventory liquidation

Another even more detailed guess by Cisco's management team:

Product gross margin in the first quarter of fiscal 2002 decreased to 59.0% from 64.1% in the first quarter of fiscal 2001 primarily due to lower shipment volumes and related manufacturing overhead; shifts in product mix; and higher production-related costs partially offset by a benefit from the additional excess inventory reserve as discussed below. Excluding the benefit from the additional excess inventory reserve in both periods, product gross margin was 51.0% in the first quarter of fiscal 2002 compared with 49.1% in the fourth quarter of fiscal 2001.
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