News Summary: Cisco 1Q net income drops 5 percent

(AP) - THE RESULTS: Cisco Systems posted lower net income for its fiscal first quarter but adjusted earnings per share beat expectations, and the company also expanded its share repurchase authorization by $15 billion.

THE NUMBERS: The tech bellwether earned $2 billion, or 37 cents per share, down 5 percent from last year. Revenue grew 2 percent to $12.09 billion but missed Wall Street's estimate.

THE OUTLOOK: Cisco shares slipped in extended trading after the company warned that revenue for the current period could fall as much as 10 percent from a year ago. Its profit forecast for the year of $1.95 to $2.05 per share also missed the average analyst estimate of $2.10 per share.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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