Cloud Growth – Cisco posts 79 percent jump in quarterly profit

Cisco Systems CEO John Chambers on Wednesday reported strong revenue and profit — as well as thousands of new hires around the globe, including hundreds in San Jose — but his upbeat comments came amid “mixed signals” from customers nervous about the wobbly global economy.

On a day markets plunged on worries about a stalling economic recovery, Cisco, the San Jose maker of the plumbing for the Internet, reported a $1.9 billion profit for its fourth quarter, a 79 percent increase from the same period a year earlier. Earnings were 33 cents a share, or 43 cents a share excluding certain charges.

Sales jumped 27 percent to $10.8 billion. For fiscal year 2010, Cisco had sales of $40 billion, an 11 percent increase from the previous year. The results were in line with Wall Street’s expectations. Analysts polled by Thomson Reuters were expecting adjusted earnings of 42 cents a share on revenue of $10.87 billion.

But Cisco’s conservative forecast for the current quarter — revenue growth of 18 to 20 percent — gave investors jitters. In after-hours trading, shares of Cisco dropped $1.89, or 7.96 percent, to $21.85.

Continue Reading at: SiliconValley

CloudBuzz
Follow Us

CloudBuzz

Discover some of the top aggregated and curated technology news stories from around the world under the CloudBuzz authorship.

Catchup on trending stories related to Cloud Computing, Wearable Technology, Internet of Things, Virtual Reality and much more from some of the top information sources.

If your publication would like to submit a feed for consideration, please contact us for more information.
CloudBuzz
Follow Us

Sorry, comments are closed for this post.

The Lighter Side Of The Cloud – The Dinosaur
The Lighter Side Of The Cloud – #NerdLove
The Lighter Side Of The Cloud – Help Desk
1 2 3 63Next →

CloudTweaks is recognized as one of the leading influencers in cloud computing, infosec, big data and the internet of things (IoT) information. Our goal is to continue to build our growing information portal by providing the best in-depth articles, interviews, event listings, whitepapers, infographics and much more.

CloudTweaks Comic Library

Advertising