CHICAGO (Reuters) - Cisco Systems Inc. (NasdaqNM:CSCO - News), the world's largest maker of equipment that directs Internet traffic, on Tuesday posted a lower quarterly profit after an accounting change, although sales rose by nearly 15 percent as corporate customers opened their wallets to spend more on technology.
The San Jose, California, company reported a net profit in its fiscal second quarter of $724 million, or 10 cents a share, compared with $991 million, or 14 cents a share, in the year-ago quarter.
Excluding one-time items, Cisco's profit was 18 cents a share.
Sales in the quarter ended Jan. 24 rose to $5.4 billion from $4.7 billion in the year-ago quarter. They also rose 5.8 percent from the previous quarter.
Analysts were expecting Cisco to post a second-quarter profit before one-time items of 17 cents a share on sales of $5.29 billion, according to Reuters Research, a unit of Reuters Group Plc.
Cisco shares fell in after-hours trade to $25.98 from a Nasdaq close of $26.41. Earnings were released right after the close of regular trading.
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