Cisco Systems reported quarterly revenue of $5.9 billion, compared with $4.7 billion for same period last year, an increase of 26.0%, and compared with $5.6 billion in the preceding quarter, an increase of 5.4%. Net income (GAAP) was $1.4 billion or $0.20 per share, compared with $982 million or $0.14 per share for the same period last year, and compared with $1.2 billion or $0.17 per share for the preceding quarter.
For its full fiscal 2004, Cisco's net sales were $22.0 billion, compared with $18.9 billion for fiscal 2003, an increase of 16.8%.
"This was a record-breaking quarter for Cisco on a number of financial and operational levels, including generating the highest GAAP and pro forma net income and earnings per share in the company's history," said John Chambers, Cisco president and CEO.
Some highlights:
- Revenue breakdowns by product catergories were as follows: 24% for routers, 41% for switches, 16% for advanced technologies, 3% for other, and 16% for services.
- Revenue breakdown by geography was: 48% for the U.S. market, 30% for EMEA, 11% for Asia/Pacific, 7% for Japan, and 4% for Americas International.
- IP telephony revenues were up 15% sequentially. Cisco shipped 470,000 IP phones in the quarter
- Sales of Modular and fixed switches experienced sequential order growth in the mid-teens
- GSR revenue grew 40% sequentially
- Gross margins were 68.4% compared to 68.8% in the preceding quarter
- At the end of the quarter, the company held $19.3 billion in cash and investments
- Revenue guidance for Q1 2005 (the quarter currently underway) is "flat to up slightly (0% to 2%)". John Chambers said many customers appeared to be more cautious than they were a quarter ago.
