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Cisco Systems profit misses consensus by 34.4% in fiscal Q1

Cisco Systems Inc. said its normalized net income for the fiscal first quarter ended Oct. 25 amounted to 35 cents per share, compared with the S&P Capital IQ consensus estimate of 53 cents per share.

EPS increased 12.0% year over year from 31 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.78 billion, a gain of 6.3% from $1.67 billion in the year-earlier period.

The normalized profit margin increased to 14.8% from 13.8% in the year-earlier period.

Total revenue climbed on an annual basis to $12.24 billion from $12.09 billion, and total operating expenses totaled $9.39 billion, compared with $9.39 billion in the prior-year period.

Reported net income declined 10.2% year over year to $1.80 billion, or 35 cents per share, from $2.01 billion, or 37 cents per share.