Cisco Systems Inc. reported stronger earnings in the latest quarter as its customers continued to catch up on delayed purchases of networking gear, but its stock fell Wednesday as revenue missed Wall Street expectations.
The world's largest maker of computer networking gear said both net income and revenue bounced back from last year's recession levels. Still, analysts were expecting even stronger results after a couple of quarters of Cisco exceeding its own expectations.
Cisco said Wednesday that it earned $1.9 billion, or 33 cents per share, in the fiscal fourth quarter that ended July 31. That's up 79 percent from $1.1 billion, or 19 cents per share, a year ago.
Revenue rose 27 percent to $10.8 billion, just under analysts' forecasts of $10.9 billion. The company had projected revenue between $10.7 billion and $10.9 billion. Revenue in the quarter last year was $8.5 billion.
In extended trading after the release of the results, Cisco shares fell $1.25, or 5.3 percent, to $22.48. That came on top of regular-session losses of 58 cents to close at $23.73.
Excluding one-time charges and the cost of stock-based compensation, the San Jose, Calif.-based company earned 43 cents per share. Analysts polled by Thomson Reuters expected 42 cents per share, on average.
© Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.