But financial analysts on the call expressed surprise at the grim forecast, and Cisco's stock was down about 10 percent in after-hours trading on Thursday.
For the first quarter, Cisco reported net income of $2 billion, down 4.6 percent from $2.1 billion a year earlier, measured according to generally accepted accounting principles. On a per-share basis, that came out to $0.37, down from $0.39. Not counting certain one-time items, Cisco earned $0.53 per share, exceeding analysts' forecast of $0.51 per share.
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