Cisco Earnings Fall 18 Percent In Second Quarter

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Cisco Systems logo on display during a press event at the 2010 International Consumer Electronics Show at the Venetian January 6, 2010 in Las Vegas, Nevada. (Ethan Miller/Getty Images)

Cisco Systems logo on display during a press event at the 2010 International Consumer Electronics Show at the Venetian January 6, 2010 in Las Vegas, Nevada. (Ethan Miller/Getty Images)

SAN JOSE (AP) – Cisco said Wednesday that its net income fell 18 percent in the latest quarter, as sales growth slowed.

The world’s largest maker of computer-networking equipment said it earned $1.5 billion, or 27 cents per share, in its fiscal second quarter, which ended Jan. 29. That compares with $1.9 billion, or 32 cents per share, in the same quarter a year ago.

Excluding items and the cost of stock-based compensation, Cisco Systems Inc. earned 37 cents per share, 2 cents more than the average forecast of analysts polled by FactSet.

Revenue at the company was $10.4 billion, up 6 percent from a year ago. Analysts were expecting $10.3 billion.

The company warned late last year that sales to government customers were dropping off.

(© 2011 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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