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Cisco Piles Up Profits in Q2

February 13, 2013 | Craig Matsumoto |
Analysts expected Cisco Systems Inc. to report good earnings Wednesday, and they weren't disappointed.

For its second quarter, which ended Jan. 26, Cisco reported revenues of $12.1 billion and net income of $3.1 billion, or 40 cents per share. For the same quarter a year ago, Cisco reported revenues of $11.5 billion and net income of $2.6 billion, again 40 cents per share.

Non-GAAP net income of 51 cents per share was higher than the official Thomson Reuters estimate of 48 cents. But analysts seemed to be expecting Cisco to beat that figure anyway. In a note issued Monday, analyst Mike Genovese of MKM Partners wrote that Cisco would probably beat his 48-cents-per-share estimate by two cents.

(In a sense, that's exactly what happened. Cisco had a couple of one-time tax benefits in the second quarter.)

Cisco shares traded down 26 cents (1.2%) at $20.88 in early after-hours trading. Maybe investors were expecting even more; the stock surged 15 cents during the last hour of trading on Wednesday.

— Craig Matsumoto, Managing Editor, Light Reading



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