SAN JOSE, Calif. (AP) — Cisco Systems may have provided the battered stock market with some balm. The world’s largest maker of computer-networking equipment fared better than analysts anticipated in its latest quarter.
The technology bellwether’s net income fell 36 percent from a year ago. But that was because of a $772 million charge before taxes to cover the elimination of 6,500 jobs, which the company announced last month.
The earnings announced Wednesday topped analyst projections, excluding that charge and other items.
Cisco Systems Inc. made $1.2 billion, or 22 cents per share, in the fiscal fourth quarter, which ended in July. That compares with net income of $1.9 billion, or 33 cents per share, last year.
Revenue grew 3 percent from last year to $11.2 billion. That was about $300 million above analyst estimates.