Network gear maker Cisco Systems Inc. (NASDAQ: CSCO) published fourth-quarter results Wednesday after the closing bell, reporting lower earnings and flat revenues. The numbers exceeded the consensus estimates.
Adjusted earnings, excluding special items, dropped to $0.83 per share from $0.84 per share in the fourth quarter of 2021. Experts had predicted a slightly smaller number for the latest quarter. Unadjusted net income was $2.8 billion or $0.68 per share, down from last year’s profit of $3.0 billion or $0.71 per share.
Fourth-quarter revenues remained broadly unchanged at $13.1 billion, contrary to expectations for a year-over-year decline.
Check this space to read management/analysts’ comments on Cisco’s Q4 earnings
“We had a strong end to our fiscal year thanks to our Q4 performance. Our teams executed well in the midst of an incredibly dynamic environment, resulting in the highest full year non-GAAP earnings per share in the history of the company,” said Cisco’s CFO Chuck Robbins.