Cisco Systems Q1 Profit Shrinks - Quick Facts

(RTTNews) - Cisco Systems, Inc. (CSCO) Wednesday reported first-quarter profit of $2.0 billion or $0.37 per share, down from $2.1 billion or $0.39 per share in the same period last year.

Adjusted earnings for the quarter was $2.9 billion or $0.53 per share. On average, 35 analysts polled by Thomson Reuters expected the company to earn $0.51 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues improved 1.8 percent to $12.1 billion from $11.9 billion last year. Analysts expected revenues of $12.36 billion.

Additionally, Cisco's board of directors have authorized up to $15 billion in additional repurchases of its common stock. The board had previously authorized up to $82 billion in stock repurchases.