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Cisco Systems profit misses consensus by 34.3% in fiscal Q3

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

EPS increased 12.3% 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, an increase of 11.6% from $1.60 billion in the year-earlier period.

The normalized profit margin increased to 14.7% from 13.8% in the year-earlier period.

Total revenue increased 5.1% year over year to $12.14 billion from $11.54 billion, and total operating expenses rose from the prior-year period to $9.35 billion from $8.98 billion.

Reported net income grew 11.2% from the prior-year period to $2.42 billion, or 47 cents per share, from $2.18 billion, or 42 cents per share.