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Cisco Q1 profit and revenue grew despite weakness in Europe

November 14, 2012 | Telepresence Options
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The company's revenue and profit increased, led by U.S. growth

By Stephen Lawson, NetworkWorld

IDG News Service - Cisco Systems posted higher revenue and profit in its fiscal first quarter despite weak orders in Europe, as results in the U.S. were strong, the networking company reported on Tuesday.

Revenue hit US$11.9 billion in the quarter, up 6 percent from a year earlier, the company said. Net income rose by almost 18 percent to $2.1 billion, with earnings per share of $0.39. Chairman and CEO John Chambers attributed the company's profit in part to strong cost containment. Cisco's fiscal first quarter ended Oct. 27.

The trends toward mobile and cloud computing are helping Cisco, Chambers said on a conference call with financial analysts.

"The network has never played a more central role," Chambers said.

Not counting certain one-time items, earnings per share was $0.48. That beat analysts' consensus estimate of $0.46 per share according to a poll by Thomson Reuters. Analysts had expected $11.8 billion in revenue, an estimate Cisco also slightly exceeded.

For the current quarter, Cisco expects revenue to grow between 3.5 percent and 5.5 percent.

"We believe the U.S. must lead the global economic recovery," Chambers said. He believes European economies will remain weak and growth in developing countries will not suffice to bring the world economy back.

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