Cisco earnings fall 18 percent in 2Q

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NEW YORK (AP) — Cisco says its net income fell 18 percent in the latest quarter, as sales growth slowed.

The world’s largest maker of computer-networking equipment says 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 San Jose-based 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.

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