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Technology / AI and automation

CISCO STARTS FISCAL 98 WITH CONTINUED GROWTH

Cisco Systems Inc has come in a penny ahead of estimates for its fiscal first quarter, reporting pro forma net income up 29.6% at $416m, or $0.59 per share. Revenue for the quarter rose a solid 30% to $1.87bn. Including the $127.2m charge stemming from the acquisition of Dagaz Technologies Inc (CI No 3,213), net income was actually $336.5m ($0.48 per share), up 86% on year-ago net of $180.9m – which itself included acquisition charges of $174.6m. The results mark the networking giant’s 31st consecutive quarter of revenue and earnings growth. Cisco finished the quarter with cash and equivalents of $378.2m a 40% increase over last year. The company’s board also declared a three-for-two stock split, payable December 16 to shareholders of record on November 18. The split is the company’s sixth since going public in 1990.

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CBR Staff Writer

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