Cisco Earnings Beat Expectations

Second-quarter revenue was down some 29 percent from revenue of $6.7 billion in the same quarter a year ago, but showed an increase of 8 percent over the $4.4 billion the company reported for its fiscal 2002 first quarter.

Actual net income for the second quarter was $660 million, or 9 cents per share, compared with net income of $874 million, or 12 cents per share, for the same quarter last year.

Analysts had expected the company to post earnings of 5 cents per share, according to First Call/Thomson Financial consensus estimates.

Cisco posted a net loss of $268 million, or 4 cents per share, for the first quarter of fiscal 2002.

The networking hardware vendor reported pro forma earnings before adjustments of $664 million, or 9 cents per share. That compares with second-quarter earnings before charges of $1.3 billion, or 18 cents per share, in the same period a year ago. The company posted earnings before charges of $332 million, or 4 cents per share, in its first fiscal quarter of 2002.