Cisco, the world's largest maker of computer networking gear, says net income declined nearly 18% in the latest quarter, as costs kept pace with a sales increase.
The company earned $1.8 billion U.S., or 33 cents U.S. per share, in the fiscal third quarter, which ended in April. That compared with earnings of $2.2 billion U.S., or 37 cents U.S. per share, a year ago.
Excluding the cost of stock-based compensation and some amortization and asset impairments, earnings were 42 cents U.S. per share, unchanged from last year. Analysts polled by FactSet had expected earnings of 37 cents U.S. per share on that basis.
Sales rose 5% to $10.9 billion U.S., matching analyst expectations.
This year's third quarter was one week shorter than last year's.
Cisco Systems Inc. has its headquarters in San Jose, Calif.
