Cisco Systems reported a 2% increase in revenue for its third
fiscal quarter and saw its pro forma earnings per share nearly
triple compared with the same quarter last year.
Net sales for the third quarter ending 27 April were $4.82bn
(£3.3bn), compared with $4.73bn in the third quarter of 2001, the
company said.
Pro forma net income, excluding charges for acquisitions, payroll
tax and certain one-off charges, was $838m (£573m) or 11 cents per
share, compared with net income of $230m or three cents per share
for the third quarter 2001.
A consensus of analysts expected Cisco to post pro forma earnings
of nine cents per share on revenue of $4.87bn (£3.33bn), according
to Thomson Financial/First Call.
Cisco chief executive officer John Chambers said because Cisco
gained market share during the quarter, Cisco's year-on-year growth
could not be used as evidence of an overall market rebound.
"We can't tell if our growth is due to market share gains or a
turnaround," he added.
In results based on generally accepted accounting principles
(GAAP), the company reported net income of $729m (£499m) or ten
cents per share, compared with a net loss of $2.7bn or 37 cents per
share for the comparable quarter last year.
Looking ahead to the fourth quarter, analysts expect the company to
earn 10 cents per share on revenue of $5bn (£3.4bn), according to
Thomson Financial/First Call.