Cisco Reports First Quarter Fiscal 2014 Earnings
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Cisco reported its first quarter fiscal 2014 earnings late Wednesday with revenue coming in at $12.1 billion, a 1.8 percent year-over-year gain. The vendor reported $2.0 billion in net income, a 4.6 percent year-over-year decline. Moving forward, Cisco provided second quarter fiscal 2014 guidance for total revenue to decline in the range of 8 to 10 percent on a year-over-year basis.
There are a number of drivers for Cisco's declining fortunes. Near the top of the list is the U.S. government. Cisco CEO John Chambers said during his company's earning call that the last month of Cisco's first quarter was during the U.S. government shutdown.
"The impact on our federal business was approximately $50 million," Chambers said.