The #1 maker of computer networking gear reported better-than-expected 1Q sales and earnings.
November 5, 2003: 4:15 PM EST
NEW YORK (CNN/Money) - Cisco Systems, the world's largest maker of routers and switches that help connect computers to the Internet, reported fiscal first quarter earnings and sales that were well ahead of Wall Street's expectations.
Cisco reported net income of $1.1 billion, or 15 cents a share, up 78 percent from the $618 million, or 8 cents a share a year ago. But excluding certain one-time charges, Cisco's earnings came in at 17 cents per share, two pennies ahead of the consensus estimate of 15 cents a share, according to First Call.
The company reported sales of $5.1 billion in the first quarter, well ahead of expectations of $4.86 billion, and 5.3 percent higher than Cisco's sales during the same period last year. This was the first time Cisco reported quarterly sales above $5 billion since the third quarter of fiscal 2001.
Shares of Cisco (CSCO: Research, Estimates) rose 22 cents, or 1 percent, to $21.80 in regular trading on the Nasdaq Wednesday. The stock is trading just slightly below its 52-week high.
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