News Summary: Cisco 1Q net income drops 5 percentNovember 13, 2013 @ 3:49 pm
(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 This material may not be published, broadcast, rewritten or redistributed.)
Jason Rantz says everyone needs to be mindful on the road, even pedestrians
Wilson & Kaepernick share this week's SI cover, so we decided to compare their offseasons
Boeing on the Field
Boeing brings its aerospace innovation to players on the football field
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.