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Thinkpad (AXcess News) New York - Shares of Cisco Systems, Inc. (Nasdaq: CSCO) slipped Wednesday after the networking and communications products provider reported lower earnings for the first quarter, though sales had increased. Cisco stock closed down 11 cents at $17.75.
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Microsoft Cisco reported earnings of $1.26 billion, or 20 cents per share, on revenue of $6.55 billion. Earnings for the same periodlast year were $1.4 billion, or 21 cents per share. Revenue last year was $5.97 billion, 10% less then reported for the current period.
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Laptop Computers Had Cisco not had to expense stock options, it would have reported $228 million more. The San Jose-based company lost a multiyear fight against expensing options that was required by a Financial Standards Accounting Board decision, forcing to incur the charges.
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Laptop Computer Excluding one-time items, Cisco earned $1.6 billion, or 25 cents per share. Investors were expecting Cisco to report 24 cents per share in earnings, giving way to its stock continuing a downturn tomorrow.
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Desktop Computer Cisco reported its earnings in a conference call earlier today.
Notebooks John Chambers, Cisco's CEO told investors he credited the growth in revenue to strong customer demand for sales of traditional routers and switches coupled with advanced technologies such as Internet telephones and wireless devices. Saying, "Cisco's long-term product architecture strategy is taking hold."
Lenovo Chambers also said that sales in Asia and the U.S. were improving, saying revenue globally was "balanced."
Hard Drive In after-hours trading, Cisco shares continued their decline, trading at $17.40, down 35 cents or nearly 2 percent.
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