Cisco Systems, dominant seller of routers for the Internet, suffered a revenue decline and lower profits with an announcement of pro forma net income of US$163 million for the fourth quarter of fiscal 2001 --or $0.02 per share -- compared to net income of $1.2 billion -- or $0.16 per share -- in the same quarter last year.
Analysts polled by Thomson Financial/First Call expected in a consensus estimate for Cisco to earn $0.02 a share on revenue of $4.35 billion.
The quarter's actual net income was $7 million, or $0 per share. In the same quarter last year, actual net income hit $796 million, or $0.11 per share.
Cisco brought in $4.3 billion of revenue for the quarter, compared to revenue of $5.72 billion in the fourth quarter of 2000. Sequential revenue declined $430 million from the $4.73 billion earned in the third quarter of this fiscal year.
No predictions were forthcoming in Cisco's initial announcement. A telephone conference with press, analysts and investors is scheduled for 4:45 p.m.
Stock prices for Cisco (CSCO) shares closed down $0.28 -- or 1.43 percent -- dropping from $19.54 to $19.26 on Tuesday on the Nasdaq exchange.
(More to come.)