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Cisco edges 4Q forecasts
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August 10, 1999: 4:56 p.m. ET
Internet networking company beats Street by a penny as revenue jumps 48 percent
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NEW YORK (CNNfn) - Cisco Systems Inc. Tuesday reported fiscal fourth-quarter earnings slightly ahead of Wall Street estimates as revenue jumped nearly 50 percent at the No. 1 data-networking firm.
For the quarter ended July 31, Cisco (CSCO) recorded a profit of $727 million, or 21 cents a share, excluding charges. Analysts polled by First Call expected the company to earn 20 cents a share in the quarter. Revenue climbed 48 percent to $3.55 billion.
Cisco released its report after the market close.
The San Jose, Calif.-based company easily outperformed its year-ago results, when it logged a profit of $525 million, or 16 cents a share, on $2.4 billion in revenue.
This year's fourth-quarter results excluded $97 million in charges related to Cisco's acquisitions of Amteva Technologies and GeoTel Communications.
Including those items, Cisco reported a profit of $635 million, or 18 cents a share.
Cisco shares fell 1-1/16 to close at 58-3/4 prior to the earnings announcement.
"By providing the systems that make the Internet work, Cisco is playing a major role in helping customers thrive in the explosive Internet economy," said John Chambers, Cisco president and chief executive officer. "As a result, we are growing faster than all of our key competitors and have been the fastest growing and most profitable company in the history of the computer industry."
For the fiscal year 1999, Cisco reported pro-forma net income of $2.55 billion, or 75 cents a share, on $12.15 billion in revenue, compared with 1998 pro-forma earnings of $1.88 billion, or 58 cents a share, on $8.49 billion in revenue.
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