Cisco beats Q3 estimates by a penny

Cisco Systems posted third-quarter pro forma earnings a penny better than expectations, on revenue in line with those expectations.

For the period ended May 1, Cisco recorded sales of US$5.6 billion, a 21.7 percent increase over the same period a year ago and a 4.1 percent increase from the second quarter of fiscal 2004. Pro forma net income for the third quarter was $1.4 billion, or $0.19 per share, compared with $1.1 billion, or $0.15 per share, for the third quarter of fiscal 2003, and $1.3 billion, or $0.18 per share, for the second quarter of fiscal 2004.

Analysts were expecting pro forma earnings of $0.18 per share.

Net sales for the first nine months of fiscal 2004 were $16.1 billion, compared with $14.2 billion for the first nine months of fiscal 2003, an increase of 13.7 percent. Pro forma net income for the first nine months of fiscal 2004 was $3.9 billion, or $0.54 per share, compared with $3.2 billion, or $0.44 per share, for the first nine months of fiscal 2003.

"We are pleased to have achieved record earnings per share this quarter," said John Chambers, Cisco president and CEO, in a statement. "This momentum was achieved through sequential order growth across all major product categories and solid progress in our advanced technologies including security, wireless LAN and IP telephony."

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