Tomahawk, WI 02/17/2014 (BasicsMedia) – World leader in networking Cisco Systems, Inc. (NASADAQ:CSCO) posted its second quarter earnings for the period ending January 25, 2014 that indicate a revenue decline of 8% on a year over year which came in at $11.2 billion. GAAP net income come for the period came in at $1.4 billion while non-GAAP income clocked at $2.5 billion. Chief Executive Officer John Chambers maintains the company met its target for the quarter even though it was a decline when compared to the same quarter a year ago.

The drop in revenue for the quarter was impacted by technology transitions in cloud security and video, Cisco is currently positioning itself in the effort of helping consumers solve their challenges in business. The registered GAAP net income for the quarter was impacted by a pretax charge amounting to $655 million. The cost was mainly used to solve issues with memory components for products sold in the previous quarter.

GAAP net income and GAAP earnings per share included tax benefit totaling $926 million which was as a result of a tax settlement with the IRS.  Revenue for the first six months of F2014 dropped from $24 billion recorded for the same period in F2013 to $23.2 billion. Net income for the period also dropped from $5.2 billion recorded a year ago to $5.2 billion. Non GAAP net income on the other hand improved from $5.3 billion a year ago to $5.4 billion for the current period

The second quarter saw Cisco Systems, Inc. (NASADAQ:CSCO) register cash flows from its operations totaling $2.9 billion compared to $2.4 billion recorded in the first quarter. This was slightly down compared to $3.3 billion registered in the second quarter a year ago. The second quarter also saw the company repurchase back 185 million of common stock at an average price of $21.73. Cash and Cash equivalents for the second quarter stood at $47.1 billion compared to $48.2 billion in F2013.

Cisco quarterly dividend

Cisco Systems, Inc. (NASADAQ:CSCO) has announced a quarterly dividend of $0.19 a share that is an increase of two cents when compared to the previous quarter. The company intends to return a record $4.9 billion in dividend for its shareholders. Cisco currently boosts of financial stability according to its CEO that necessitated the improvement of the quarterly dividend. Cisco has also announced plans to use $100 million to drive the evolution of IoE

Cisco Systems, Inc. (NASADAQ:CSCO) closed the week at a high of $22.56 per share an increase of 1.30% compared to Thursday trading session.

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