Cisco Systems posted year-over-year gains in revenue and profit for its fiscal second quarter on Wednesday, reporting net sales up 10.8 percent to US$11.5 billion, and said it met a key cost-cutting goal one quarter early.
Cisco earned $0.40 per share according to generally accepted accounting principles (GAAP), up more than 48 percent from the second quarter of 2011. Its non-GAAP profit was $0.47 per share, beating the estimate of $0.43 from analysts surveyed by Thomson Financial. The analysts had forecast sales of $11.23 billion.
"We are executing well on our three-year plan to drive earnings faster than revenue," Chairman and CEO John Chambers said in a press release. "We hit our billion-dollar expense reduction a quarter early," he added.
More to come.