& cplSiteName &

Revenue, Income Slide In Cisco's Q2 2014

Light Reading
News Wire Feed
Light Reading
2/12/2014
50%
50%

SAN JOSE, CA—Cisco today reported its second quarter results for the period ended January 25, 2014. Cisco reported second quarter revenue of $11.2 billion, net income on a generally accepted accounting principles (GAAP) basis of $1.4 billion or $0.27 per share, and non-GAAP net income of $2.5 billion or $0.47 per share.

"We delivered the results we expected this quarter. I'm pleased with the progress we've made managing through the technology transitions of cloud, mobile, security and video," stated chairman and CEO John Chambers. "Our financials are strong and our strategy is solid. The major market transitions are networking centric and as the Internet of Everything becomes more important to business, cities and countries, Cisco is uniquely positioned to help our customers solve their biggest business problems."

GAAP net income for the second quarter of fiscal 2014 included a pre-tax charge of $655 million related to the expected cost of remediation of issues with memory components in certain products sold in prior fiscal years. This charge was excluded from non-GAAP net income and earnings per share.

For the second quarter of fiscal 2013, GAAP net income and GAAP earnings per share include total tax benefits of $926 million or $0.17 per share, respectively, related to a tax settlement with the Internal Revenue Service (IRS) and the reinstatement of the U.S. federal research and development (R&D) tax credit on January 2, 2013.

Revenue for the first six months of fiscal 2014 was $23.2 billion, compared with $24.0 billion for the first six months of fiscal 2013. Net income for the first six months of fiscal 2014, on a GAAP basis, was $3.4 billion or $0.64 per share, compared with $5.2 billion or $0.98 per share for the first six months of fiscal 2013. Non-GAAP net income for the first six months of fiscal 2014 was $5.4 billion or $1.00 per share, compared with $5.3 billion or $0.99 per share for the first six months of fiscal 2013.

Cisco is also announcing that earlier today its Board of Directors declared a quarterly dividend of $0.19 per common share, a two-cent increase over the previous quarter's dividend, to be paid on April 23, 2014 to all shareholders of record as of the close of business on April 3, 2014. Future dividends will be subject to Board approval.

"We had a record quarter of returning $4.9 billion to our shareholders through our quarterly dividend of approximately $900 million and share repurchases of $4.0 billion," stated Frank Calderoni, executive vice president and chief financial officer. "Our financial strength gives us the confidence to provide a meaningful return to our shareholders, and I'm pleased we are increasing our quarterly dividend by 12 percent to $0.19 per share."

Cisco Systems Inc. (Nasdaq: CSCO)

(0)  | 
Comment  | 
Print  | 
Newest First  |  Oldest First  |  Threaded View        ADD A COMMENT
Featured Video
From The Founder
Light Reading founder Steve Saunders talks with VMware's Shekar Ayyar, who explains why cloud architectures are becoming more distributed, what that means for workloads, and why telcos can still be significant cloud services players.
Flash Poll
Upcoming Live Events
May 14-16, 2018, Austin Convention Center
May 14, 2018, Brazos Hall, Austin, Texas
September 24-26, 2018, Westin Westminster, Denver
October 9, 2018, The Westin Times Square, New York
October 23, 2018, Georgia World Congress Centre, Atlanta, GA
November 7-8, 2018, London, United Kingdom
November 8, 2018, The Montcalm by Marble Arch, London
November 15, 2018, The Westin Times Square, New York
December 4-6, 2018, Lisbon, Portugal
All Upcoming Live Events
Hot Topics
I'm Back for the Future of Communications
Phil Harvey, US News Editor, 4/20/2018
BDAC Blowback – Ex-Chair Arrested
Mari Silbey, Senior Editor, Cable/Video, 4/17/2018
Verizon: Lack of Interoperability, Consistency Slows Automation
Carol Wilson, Editor-at-large, 4/18/2018
AT&T Exec Dishes That He's Not So Hot on Rival-Partner Comcast
Mari Silbey, Senior Editor, Cable/Video, 4/19/2018
Facebook Hearings Were the TIP of the Data Iceberg
Dan Jones, Mobile Editor, 4/20/2018
Live Digital Audio

A CSP's digital transformation involves so much more than technology. Crucial – and often most challenging – is the cultural transformation that goes along with it. As Sigma's Chief Technology Officer, Catherine Michel has extensive experience with technology as she leads the company's entire product portfolio and strategy. But she's also no stranger to merging technology and culture, having taken a company — Tribold — from inception to acquisition (by Sigma in 2013), and she continues to advise service providers on how to drive their own transformations. This impressive female leader and vocal advocate for other women in the industry will join Women in Comms for a live radio show to discuss all things digital transformation, including the cultural transformation that goes along with it.

Like Us on Facebook
Twitter Feed