Cisco posts lower 1Q net income

Cisco reports lower 1st-quarter net income, slower revenue growth than expected

Associated Press
Cisco's 1Q revenue falls below estimates

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FILE - This Wednesday, May 9. 2012, file photo, shows an exterior view of Cisco headquarters in Santa Clara, Calif. Cisco Systems Inc., reports quarterly eanrings on Wednesday, Nov. 13, 2013. (AP Photo/Paul Sakuma, File)

NEW YORK (AP) -- Cisco's fiscal first-quarter revenue grew slower than expected and net income declined, sending its stock down in extended trading.

Cisco Systems Inc. said Wednesday that it earned $2 billion, or 37 cents per share, during the quarter. That's down 5 percent from $2.09 billion, or 39 cents per share, a year earlier.

Revenue grew 2 percent to $12.09 billion.

Adjusted earnings were 53 cents per share, 2 cents above Wall Street's expectations.

Analysts expected higher revenue of $12.35 billion, according to FactSet.

Cisco also expanded its share repurchase program by $15 billion.

Cisco's performance is widely regarded as a bellwether for the technology industry. That's because the San Jose, Calif., company cuts a broad swath, selling routers, switches, software and services to corporate customers and government agencies.

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