SAN FRANCISCO: US-based network equipment supplier Cisco announced on Wednesday that its profit for the second quarter decreased compared to the same period last year, but still exceeded analysts’ estimates, according to the German news agency dpa.
The company’s bottom line came in at US$2.42 billion, or US$0.61 per share, down from US$2.63 billion, or US$0.65 per share, 12 months earlier.
Excluding items, Cisco reported adjusted earnings of US$3.76 billion or US$0.94 per share for the period. Analysts on average had expected the company to earn US$0.91 per share. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose by 9.4 per cent to US$13.99 billion from US$12.79 billion last year.
“Cisco’s strong quarterly results were driven by accelerating customer demand for our technology,” said chief executive officer Chuck Robbins.
“As AI becomes more pervasive, we are well positioned to help our customers scale their network infrastructure, increase their data capacity requirements, and adopt best-in-class AI security.” – Bernama
