Cisco Systems reported quarterly revenue of $6.0 billion, a 17.1% increase year over year and a 0.8% increase quarter over quarter. Net income (GAAP) was $1.4 billion or $0.21 per share. The period marked the company's sixth consecutive quarter of sequential revenue growth.
Cisco also announced up to $10 billion in additional repurchases of its common stock. Cisco's board had previously authorized up to $25 billion in stock repurchases. There is no fixed termination date for the repurchase program. The remaining authorized amount for stock repurchases under this program, including the additional authorization, is approximately $15 billion. During the recently completed quarter, Cisco repurchased 156 million shares of common stock at an average price of $19.24 per share for an aggregate purchase price of $3.0 billion.
Some highlights for the quarter:
- cash flows from operations were $1.5 billion, compared with $2.1 billion for the preceding quarter.
- total cash, cash-equivalents, and short- and long-term investments was $17.7 billion, down from $19.3 billion at the end of the previous quarter.
- Advanced Technologies (home networking, IP telephony, optical networking, security, storage area networking, and wireless technology) averaged approximately 5 percent sequential growth and over 30 percent year-over-year.
