Cisco's 4Q Profit, Revenue Beat Projections

By Maria Armental

Cisco Systems Inc. reported a stronger-than-expected revenue increase in the latest period while product orders rose 31% from the year earlier, the strongest year-over-year growth in more than a decade, the company said.

Fourth-quarter profit rose to $3.01 billion from $2.64 billion a year earlier. On a per-share basis, profit was 71 cents a share, or 84 cents excluding stock-based compensation and other items.

Revenue rose to $13.13 billion from $12.15 billion a year earlier.

Cisco had projected 64 cents to 69 cents a share, or 81 cents to 83 cents as adjusted, with revenue increasing 6% to 8% from the year earlier. Analysts surveyed by FactSet expected a profit of 69 cents a share, or 83 cents on an adjusted basis, on $13.04 billion in revenue.

Cisco ended the year at a profit of $10.59 billion on $49.82 billion in revenue, compared with a profit of $11.21 billion and $49.30 billion in revenue a year earlier.

"We continue to see great momentum in our business as customers are looking to modernize their organizations for agility and resiliency," Chief Executive Chuck Robbins said in a statement.

Chief Financial Officer Scott Herren said the company posted record operating cash flow in the quarter.

Write to Maria Armental at [e-mail]

(END) Dow Jones Newswires

August 18, 2021 16:44 ET (20:44 GMT)

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