Cisco Systems (CSCO) earned 27 cents per share during its fiscal fourth-quarter earnings, topping the Zacks Consensus Estimate by 8%. The results were below the previous year’s 35 cents, however.
Net sales of $8.5 billion slipped by 18% on a year-over-year basis. CEO John Chambers observed that the fourth quarter saw both the first positive sequential product order growth. Furthermore, he also stated that it was the first quarter in the entire fiscal year that was anywhere close to having normal sequential order seasonality.
“For me personally, this was the most important takeaway in the quarter,” said Chambers. “In other words, while it is too early to say that this is a definite trend, and therefore the much anticipated recovery, the sequential order numbers were very solid and more along the line of our normal seasonal quarterly results for the first time in the last four quarters.”
For the fiscal year ending July 2010, the Zacks Consensus Estimate for earnings stands at $1.13 per share, a penny above last week’s forecast and 3 cents higher than the level of 1 month ago.
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