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Subject: Cisco Systems reports strong revenue

Author:
ivoice

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Date Posted: 15:39:30 11/05/03 Wed

Cisco Systems reports strong revenue
By Richard Waters in San Francisco
Published: November 5 2003 21:40 | Last Updated: November 5 2003 21:40

Cisco Systems beat Wall Street's earnings and revenue expectations for its most recent quarter as growth returned slowly to its core networking equipment business.

The leading maker of internet routers and switches reported revenues of $5.1bn for the three months to October 25th, the first quarter of its fiscal year. That represented a 5.3 per cent increase from a year before, compared to stock market forecasts of a rise of 1 per cent.

John Chambers, chief executive officer, said the results reflected "strength across our core switching and routing businesses."

Cisco's pro-forma earnings rose to 17 cents a share, up from 14 cents a year before and ahead of the 15 cents that Wall Street had expected.

The company's pro forma earnings exclude costs for amortising intangible assets and some stock-based compensation: based on normal accounting principles, earnings were 15 cents a share, compared to 8 cents a share the year before.

"We are beginning to see a number of signs that could be interpreted, with the appropriate caveats, as optimistic," said Mr Chambers.

The company's gross profit margins slipped slightly from the preceding quarter, to 69 per cent. However, they remained at the top end of most forecasts.

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