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 This material may not be published, broadcast, rewritten or redistributed.)

Top Stories

  • Any Means Necessary
    Ricardo Lockette takes playing time with the Seahawks over pride

  • Moving Up
    How Bellevue will handle students who transfer from 'failing' schools
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.