Cisco meets Q4 expectations

Cisco Systems Tuesday posted fourth quarter 2003 revenue and earnings in line with analyst expectations.

For the period ended July 26, 2003, Cisco recorded pro forma earnings of US$1.1 billion, or $0.15 per share, on sales of $4.7 billion. Sales were down 2.6 period from the same period a year ago but up from the $4.6 billion recorded for the third quarter of this fiscal year.

Pro forma earnings were flat with the third quarter and up from fiscal 2002's fourth quarter result of $1 billion, or $.14 per share.

Net sales for fiscal 2003 were $18.9 billion, compared with $18.9 billion for fiscal 2002. Pro forma net income for the year was $4.3 billion, or $0.59 per share, compared with pro forma net income of $2.9 billion, or $0.39 per share, for fiscal 2002.

"We are pleased to report another solid quarter in a challenging market," said John Chambers, Cisco president and CEO, in a statement. "In high-end routing and switching, we saw solid sequential growth. Advanced technologies in total exceeded 20 periodt sequential growth, with IP telephony, storage and optical growing the fastest in terms of orders."

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