Cisco profit fell one-third in Q4

Cisco's sales rose slightly but net income dropped from a year earlier

Cisco's profit in its fiscal fourth quarter fell about one-third from a year earlier, while its sales increased only 3.3 percent, the company reported on Wednesday.

Net income in the fourth quarter ended July 30 was US$1.2 billion, down 36.3 percent from $1.9 billion a year earlier. Earnings per share declined by 33.3 percent, to 22 cents per share from 33 cents for last year's fourth quarter.

The results came amid a major restructuring at Cisco, aimed at refocusing the company on core businesses such as routing and switching.

"We've made significant progress on our comprehensive action plan to position ourselves for our next stage of growth and profitability, while delivering solid financial results in Q4," Chairman and CEO John Chambers said in a press release reporting the financial results.

Cisco's sales rose to $11.2 billion from $10.8 billion in the quarter. That figure beat the consensus estimate from analysts polled by Thomson Reuters. They had expected $10.98 billion.

Profit excluding certain one-time items was $0.40 per share, which slightly exceeded the analyst forecast.

More to come.

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