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Citing uncertainty in the economy, mixed signals in the market and customer expectations as the reason for Ciscos Q4 sales miss, CEO John Chambers said hes confident that Cisco will succeed by continuing to aggressively move into new areas where the network is becoming the platform, Enterprise Networking Planet reports.
Cisco (NASDAQ: CSCO) reported fiscal fourth-quarter net income of $2.5 billion in non-GAAP today on sales of $10.84 billion for the quarter -- an increase in revenue of 27 percent from the same quarter a year ago, but short of analysts' estimates of $10.88 billion in sales.
Still, Cisco did have some good news for industry watchers: The network giant's Q4 earnings per share of $0.43 (non-GAAP) is a 39 percent increase over last year, beating Wall Street estimates of $0.42 per share.
The news comes at a time when bellwether technology stocks like Cisco's are considered a key indicator as to whether the faltering economy is starting to turn around. Cisco CEO John Chambers was bullish on his company's ability to execute on "things we can control," but was more cautious about the economy in general.
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