Cisco Systems (Nasdaq: CSCO) reported a decline in emerging market revenues to US$1.19bn during Q2 of fiscal 2011, ended January 29, according to financial results released by the company.
Emerging market revenues for the quarter were down from US$1.22bn in fiscal Q1. On a global level, Q2 revenues slipped 3.2% sequentially to US$10.4bn, but were up 6% year-on-year.
Cisco's global net income dropped to US$1.5bn during the quarter, representing a 17.9% decrease from US$1.9bn during Q2 in fiscal 2010.
During the first six months of the 2011 fiscal year, Cisco's net income dropped to US$3.5bn, compared with US$3.6bn in the same period a year ago. The company saw its net sales grow to US$21.2bn in the first six months of the year, up from US$18.8bn last year.
According to Cisco, the Q2 results were as the company had expected. Cisco CEO and chairman John Chambers said its strategy of integrating multiple products through an architecture approach was working. Chambers highlighted that the company was going through a transition period, moving aggressively with its architectural strategy.
However, Cisco shares fell by more than 13% in early trading Thursday.
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