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Cisco Systems profit misses consensus by 34.2% in fiscal Q2

Cisco Systems Inc. said its normalized net income for the fiscal second quarter ended Jan. 24 was 34 cents per share, compared with the S&P Capital IQ consensus estimate of 51 cents per share.

EPS increased 21.3% year over year from 28 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.75 billion, an increase of 17.5% from $1.49 billion in the prior-year period.

The normalized profit margin rose to 14.3% from 13.3% in the year-earlier period.

Total revenue grew 7.0% year over year to $11.94 billion from $11.15 billion, and total operating expenses grew from the prior-year period to $9.19 billion from $8.76 billion.

Reported net income rose 65.0% on an annual basis to $2.37 billion, or 46 cents per share, from $1.44 billion, or 27 cents per share.