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Cisco Reports Second Quarter Earnings

Nachrichtenquelle: GlobeNewswire
15.02.2018, 00:01  |  581   |   |   

Cisco Reports Second Quarter Earnings

Dividend Increased 14 Percent, Additional $25 Billion Authorized for Stock Repurchase

  • Q2 Revenue: $11.9 billion

    • Increase of 3% year over year

    • Recurring revenue was 33% of total revenue, up 2 points year over year

  • Q2 Earnings (Loss) per Share: $(1.78) GAAP; $0.63 non-GAAP

    • GAAP results include an $11.1 billion charge related to the enactment of the Tax Cuts and Jobs Act

  • Q3 FY 2018 Guidance:

    • Revenue: 3% to 5% growth year over year

    • Earnings per Share: GAAP: $0.50 to $0.55; Non-GAAP: $0.64 to $0.66

SAN JOSE, Calif., Feb. 14, 2018 (GLOBE NEWSWIRE) -- Cisco (NASDAQ:CSCO) today reported second quarter results for the period ended January 27, 2018. Cisco reported second quarter revenue of $11.9 billion, net loss on a generally accepted accounting principles (GAAP) basis of $(8.8) billion or $(1.78) per share, and non-GAAP net income of $3.1 billion or $0.63 per share.

"We had a great quarter which demonstrates that our strategy is working. Our business is growing, we have a fantastic innovation pipeline, our balance sheet is strong and we have a team that's executing incredibly well," said Chuck Robbins, Chairman and CEO, Cisco. "The network is more critical to business success than ever, and our new intent-based networking portfolio has great momentum including the fastest ramping new product in our history."

GAAP Results
    Q2 FY 2018   Q2 FY 2017   Vs. Q2 FY 2017
Revenue   $ 11.9  billion   $ 11.6  billion   3 %
Net Income (Loss)   $ (8.8 ) billion   $ 2.3  billion   (474 )%
Earnings (Loss) per Share   $ (1.78 )   $ 0.47     (479 )%

GAAP results include an $11.1 billion charge related to the enactment of the Tax Cuts and Jobs Act comprised of $9.0 billion for the U.S. transition tax, $1.2 billion for foreign withholding tax and $0.9 billion for the re-measurement of net deferred tax assets.

Non-GAAP Results
    Q2 FY 2018   Q2 FY 2017   Vs. Q2 FY 2017
Net Income   $ 3.1  billion   $ 2.9  billion   10 %
Diluted Earnings per Share (EPS)   $ 0.63     $ 0.57     11 %

Reconciliations between net income (loss), earnings (loss) per share, and other measures on a GAAP and non-GAAP basis are provided in the tables located in the section entitled "Reconciliations of GAAP to non-GAAP Measures."

Cisco Increases Quarterly Cash Dividend; Stock Repurchase Program Authorization Increased

Cisco has declared a quarterly dividend of $0.33 per common share, a 4-cent increase or up 14% over the previous quarter's dividend, to be paid on April 25, 2018 to all shareholders of record as of the close of business on April 5, 2018. Future dividends will be subject to Board approval.

Cisco's board of directors has also approved a $25 billion increase to the authorization of the stock repurchase program. There is no fixed termination date for the repurchase program. The remaining authorized amount for stock repurchases including the additional authorization is approximately $31 billion.

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