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Cisco quarterly profit jumps 57%

Cisco quarterly profit jumps 57%

Mubasher: Cisco Systems reported a 57% year-on-year surge in net income during its fourth fiscal quarter of 2018, while revenue rose 6%.

The US company’s net income was $3.8 billion in Q4-18, jumping from $2.4 billion in Q4-17, with a 69% surge in earnings per share (EPS) to $0.81 from $0.48 over the reported period.

The largest provider of the machinery that forms the backbone of the internet generated $12.8 billion in total revenue between late April and late July, compared with $12.1 billion the same period last year.

Most of the company’s revenue comes from hardware sales, including data centre networking switches, under its infrastructure platforms segment, which saw its revenues rising 7% year-on-year to $7.4 billion.

The revenue growth in the division was attributed to Cisco’s Hyperflex converged data centre infrastructure products.

The second largest business growth was seen in the applications segment, where revenue grew 10% year-on-year to $1.3 billion.

Cisco had to pay $10.4 billion in charge as a result of US tax reform over the whole 2018 fiscal year (FY18).

It is worth noting that Cisco’s fiscal year ended on 28 July.

“We had a very strong finish to a great year and generated our highest quarterly revenue of $12.8 billion,” Cisco’s CEO Chuck Robbins said.

The US company expects to register between $0.70 and $0.72 in EPS in the first quarter of the next year to end 27 October, while revenue is set to grow at an annual range between 5% and 7% year-on-year.