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Cisco Systems profit misses consensus by 21.2% in fiscal Q2

Cisco Systems Inc. said its normalized net income for the fiscal second quarter ended Jan. 23 came to 42 cents per share, compared with the S&P Capital IQ consensus estimate of 54 cents per share.

EPS rose 27.7% year over year from 33 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.16 billion, a gain of 26.2% from $1.71 billion in the prior-year period.

The normalized profit margin climbed to 18.1% from 14.3% in the year-earlier period.

Total revenue came to $11.93 billion, compared with $11.94 billion in the year-earlier period, and total operating expenses fell 7.6% year over year to $8.54 billion from $9.24 billion.

Reported net income increased 33.1% from the prior-year period to $3.16 billion, or 62 cents per share, from $2.37 billion, or 46 cents per share.