Cisco beats Q2 earnings estimates

Cisco beats Q2 earnings estimates

Heralding improvement in the global economy, Cisco Systems has reported $US1.3 billion net income or for the second quarter of its 2004 fiscal year, compared to $US991 million in the same quarter of 2003.

The income, based on generally accepted accounting principles (GAAP), came on net sales of $US5.4 billion and beat analysts' estimate of $US0.17 per share.

After an accounting change (also using GAAP) made on January 24, the last day of the quarter, net income was $US724 million, the company said.

As a result of the change, due to implementing a federal accounting rule, Cisco consolidated Andiamo Systems and recorded a non-cash cumulative stock compensation charge of $US567 million.

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