Cisco Systems Reports Loss for 2011 Fiscal 1st Quarter
Cisco Systems Reports Loss for 2011 Fiscal 1st
Quarter
Networking equipment giant Cisco Systems released fiscal first-quarter 2011 results late Wednesday, missing analysts' estimates slightly. The company reported revenue of $10.75 billion in revenue for the period, just missing the consensus estimate of $10.76 billion, and missed earnings expectations by a penny with GAAP earnings of 34 cents per share.
Investors and analysts had grown cautiously optimistic in recent weeks ahead of the report from the world's leading router and switcher producer. Shares of Cisco had gained 1 percent on the week through Wednesday's session and 2 out of 14 economists had revised quarterly forecasts for the company upwardly. The stock has fallen 4 percent since the report, almost $1 per share, in after-market trading.
The report represented the Tech giant's first earnings miss in the last five quarters. During the firm's 2010 fiscal year, results outperformed estimates by a quarterly average of 11.6 percent. In an attempt to compete with other large tech companies like Apple and Google, who have expanded their finished consumer products businesses, Cisco acquired two private firms during the quarter, ExtendMedia and Arch Rock. The company also re-purchased 113 million shares of its stock for an estimated $2.5 billion. Shares of the company, after Wednesday's loss, are now down on the year.
Networking equipment giant Cisco Systems released fiscal first-quarter 2011 results late Wednesday, missing analysts' estimates slightly. The company reported revenue of $10.75 billion in revenue for the period, just missing the consensus estimate of $10.76 billion, and missed earnings expectations by a penny with GAAP earnings of 34 cents per share.
Investors and analysts had grown cautiously optimistic in recent weeks ahead of the report from the world's leading router and switcher producer. Shares of Cisco had gained 1 percent on the week through Wednesday's session and 2 out of 14 economists had revised quarterly forecasts for the company upwardly. The stock has fallen 4 percent since the report, almost $1 per share, in after-market trading.
The report represented the Tech giant's first earnings miss in the last five quarters. During the firm's 2010 fiscal year, results outperformed estimates by a quarterly average of 11.6 percent. In an attempt to compete with other large tech companies like Apple and Google, who have expanded their finished consumer products businesses, Cisco acquired two private firms during the quarter, ExtendMedia and Arch Rock. The company also re-purchased 113 million shares of its stock for an estimated $2.5 billion. Shares of the company, after Wednesday's loss, are now down on the year.
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