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Profit strong; sales disappoint

Wednesday, Feb. 9, 2005 | 9:41 a.m.

Cisco Systems, the largest maker of Internet networking equipment, reported solid growth Tuesday in second-quarter profit. Sales, however, came in shy of Wall Street's forecast as Cisco continued to face strong competition and slow corporate spending.

For the quarter ended Jan. 29, Cisco had net income of $1.4 billion, or 21 cents a share, compared with $724 million, or 10 cents, in the period a year earlier, when results were hurt by a charge of $567 million for stock-based compensation expenses.

The company, based in San Jose, Calif., had revenue of $6.06 billion, compared with $5.4 billion.

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