Cisco Reports 3Q13 Earnings
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Cisco reported its third quarter fiscal 2013 earnings late Wednesday, showing overall growth and optimism for the rest of the year.
For the quarter, Cisco reported net sales of $12.2 billion, a 5 percent year-over-year gain. Net income was reported at $2.5 billion, or $0.46 per share, representing a 15 percent year-over-year increase. Moving forward, Cisco provided guidance for fourth quarter revenue growth in the range of 4 to 7 percent on a year-over-year basis.
Cisco did show some mixed results in its switching business. Cisco CEO John Chambers said during his company's earning call that overall switching revenues decreased by 2 percent during the quarter. This is not the first time that Cisco has had a quarterly decline in switching revenues. Cisco first quarter fiscal 2013 results also suffered a 2 percent switching revenue decline. The decline in Cisco's switching revenues has not been limited to just 2013, either. The trend surfaced during 2011, when Cisco experienced a 2 percent switching decline in both the second and the fourth quarter of the year.