Cisco's (Nasdaq: CSCO) net profit fell 7.9% year-on-year to US$1.7bn during the first quarter of fiscal 2012, ended October 29, according to financial results released by the company.
Net sales were up 4.7% during the quarter to US$11.2bn, from US$10.7bn in fiscal 1Q11, but higher cost of sales and operating expenses dragged on the bottom line.
During fiscal 1Q12, Cisco repurchased 100mn shares of common stock under a stock repurchase program at an average price of US$15.37 a share, for a total US$1.5bn. As of October 29, Cisco had repurchased and retired 3.6bn shares, equivalent to some US$73.3bn, since the program started.
Cisco also highlighted the acquisition of privately held Versly and the completed acquisition of the Axioss software assets, as well as its intent to acquire privately held BNI Video.
"We've completed the majority of our restructuring and have organized Cisco to successfully execute against our strategy of providing intelligent networks, architectures and integrated products that solve customers' business problems," said John Chambers, Cisco chairman and CEO.
Over the last five or so months, the reorganization process has included thousands of employee layoffs, the discontinuation of the company's Flip video camcorder business, management reshuffles and the sale of its set-top box manufacturing plant in Ciudad Juárez, Mexico, to Taiwanese firm Foxconn.
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