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February 13, 2013

Cisco reports rise in Q2 revenue and net income

Net income increased 44% to $3.1bn for the quarter.

By CBR Staff Writer

Cisco has reported a 5% rise in its revenue to $12.1bn for the second quarter of 2013, compared to $11.5bn it reported for the same period in 2012.

For the second quarter of 2013, the company’s net income increased 44% to $3.1bn compared to $2.2bn, for the same period last year.

The company said the latest quarter net income includes total tax benefits of about $926m or $0.17 per share, related to a tax settlement with the Internal Revenue Service andthe US federal research and development tax credit.

Operating income was $2.78bn for the quarter, compared to $2.73bn for the same period previous year.

"Cisco delivered record earnings per share this quarter and record revenue for the 8th quarter in a row in a challenging economic environment," said Cisco chairman and chief executive officer, John Chambers.

"We continue to drive the innovation, quality and leadership our customers expect, and we remain focused on consistent returns to our shareholders.".

In the second quarter, Cisco acquired software firms Cloupia, Meraki, Cariden Technologies and BroadHop.

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The company has been struggling with increasing costs and cut thousands of jobs.

In July 2012, Cisco said it will cut about 1300 jobs, or about 2% of its global workforce, as part of a strategy to restructure the company and cut costs.

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