Network equipment maker Cisco Systems Inc posted a smaller-than-expected 0.5 percent dip in quarterly revenue, as the company makes a transition through a new cycle of high-end switches and routers. Cisco reported revenue of $12.4 billion, effectively flat from a year earlier. Wall Street on average had expected $12.1 billion, according to Thomson Reuters I/B/E/S. The earnings beat the companys previous guidance of a decline in revenue of between 1 percent and 3 percent for the quarter. Cisco reported a net profit of $2.8 billion in the fiscal fourth quarter, flat from the year-ago quarter and adjusted earnings of 55 cents per share.
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