Cisco Reports $11.2 Billion in 2Q14 Revenue
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Cisco reported its second quarter fiscal 2014 earnings late Wednesday, with revenue coming in at $11.2 billion, a 7.8 percent year-over-year decline. Net Income was $1.4 billion, a 54.5 percent year-over-year drop.
Cisco's outlook wasn't great, either, with third quarter revenues expected to decline in the range of 6-8 percent.
A key contributor to Cisco's net income decline was a one-time charge incurred by the company. Cisco CFO Frank Calderoni said during the company's earnings call that the charge of $655 million is due to the expected cost of remediation of issues with memory components in some products sold in prior years.