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Cisco quarterly profit falls 18 percent

05-12-2011 09:13 BJT

SAN FRANCISCO, May 11 (Xinhua) -- Cisco Systems Inc. on Wednesday reported that its profit dropped nearly 18 percent in the most recent quarter, as the world's largest networking equipment maker is working to restructure itself to focus on key growth areas.

For Cisco's third quarter of fiscal 2011 ending on April 30, the company posted net income of 1.8 billion U.S. dollars or 33 cents per share, down from 2.2 billion dollars or 37 cents per share in the same period a year earlier.

Excluding items, Cisco's earnings per share were flat at 42 cents, topping analysts' expectation of 37 cents.

Cisco's revenue in the quarter was 10.9 billion dollars, representing an increase of 4.8 percent year-on-year.

"This quarter played out as we expected," John Chambers, Cisco' s chief executive officer, said in a statement.

"We have acknowledged our challenges. We know what we have to do. We have a clear game plan, and we are a company with a track record of market-shaping innovation," he noted.

Cisco has tried to expand into many areas beyond its core business of routing and switching in recent years, leading to criticism that the company was losing its focus.

In April, Chambers acknowledged that mistakes had been made in the company's operational execution, and warned that "tough decisions" would be made to preserve its profitability.

Early in May, the company unveiled a series of internal structure changes to streamline its sales, services and engineering organizations.

Editor:Wang Xiaomei |Source: Xinhua

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