Cisco's 4Q Profit, Revenue Beat Projections
August 18 2021 - 4:58PM
Dow Jones News
By Maria Armental
Cisco Systems Inc. reported a stronger-than-expected revenue
increase in the latest period while product orders rose 31% from
the year earlier, the strongest year-over-year growth in more than
a decade, the company said.
Fourth-quarter profit rose to $3.01 billion from $2.64 billion a
year earlier. On a per-share basis, profit was 71 cents a share, or
84 cents excluding stock-based compensation and other items.
Revenue rose to $13.13 billion from $12.15 billion a year
earlier.
Cisco had projected 64 cents to 69 cents a share, or 81 cents to
83 cents as adjusted, with revenue increasing 6% to 8% from the
year earlier. Analysts surveyed by FactSet expected a profit of 69
cents a share, or 83 cents on an adjusted basis, on $13.04 billion
in revenue.
Cisco ended the year at a profit of $10.59 billion on $49.82
billion in revenue, compared with a profit of $11.21 billion and
$49.30 billion in revenue a year earlier.
"We continue to see great momentum in our business as customers
are looking to modernize their organizations for agility and
resiliency," Chief Executive Chuck Robbins said in a statement.
Chief Financial Officer Scott Herren said the company posted
record operating cash flow in the quarter.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
August 18, 2021 16:44 ET (20:44 GMT)
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