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Networking giant Cisco Systems put a troubled fiscal 2011 to bed and CEO John Chambers promised a "focused, agile, lean, and aggressive company" in the year ahead.
Cisco today reported fourth-quarter earnings of $1.2 billion, or 22 cents a share, on revenue of $11.2 billion, up 3.3 percent from a year ago. Non-GAAP earnings were 40 cents a share, two cents better than Wall Street expectations. Overall, Cisco's fourth quarter earnings were down 36 percent from a year ago.
For fiscal 2011, Cisco reported net income of $6.5 billion, or $1.17 a share, on revenue of $43.2 billion.
In recent quarters, Cisco has typically topped Wall Street estimates and then disappointed with its outlook. On Cisco's conference call, the focus will revolve around economic concerns.
By the numbers:
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Cisco today reported fourth-quarter earnings of $1.2 billion, or 22 cents a share, on revenue of $11.2 billion, up 3.3 percent from a year ago. Non-GAAP earnings were 40 cents a share, two cents better than Wall Street expectations. Overall, Cisco's fourth quarter earnings were down 36 percent from a year ago.
For fiscal 2011, Cisco reported net income of $6.5 billion, or $1.17 a share, on revenue of $43.2 billion.
In recent quarters, Cisco has typically topped Wall Street estimates and then disappointed with its outlook. On Cisco's conference call, the focus will revolve around economic concerns.
By the numbers:
- Product sales in the fourth quarter were $8.92 billion. Service sales were $2.27 billion.
- The company generated $2.8 billion in cash flow in the fourth quarter, down from $3 billion in the third quarter.
- Days sales outstanding in the fourth quarter were 38 days, up from 37 days in the third quarter. Inventory turns in the fourth quarter were 11.8, up from 11.1 in the third quarter.
- Cisco bought 95 million shares of its stock in the fourth quarter.
- The company took a restructuring charge of $768 million in the fourth quarter. Of that sum, $453 million were related to early retirement programs; $214 million for severance and $61 million for selling a plant to Foxconn. Another $44 million charge was attributed for exiting Cisco's consumer business.
- Research and development spending for fiscal 2011 was $5.82 billion, up from $5.27 billion in the previous year.
- Cisco had $44.6 billion in cash and equivalents at the end of the quarter.
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