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Cisco Revenue Fell for the Fifth Straight Quarter

February 15, 2017, 9:17 PM UTC
Cisco Systems To Lay Off Over 5,000 Workers
SAN JOSE, CA - AUGUST 17: A sign is posted in front of the Cisco Systems headquarters on August 17, 2016 in San Jose, California. Cisco Systems announced plans to lay off up to 5,500 workers beginning in the first quarter of 2017. (Photo by Justin Sullivan/Getty Images)
Photograph by Justin Sullivan—Getty Images

Cisco Systems’s quarterly revenue fell for the fifth straight quarter, hurt by sluggish demand in its legacy network equipment business.

The company’s net income fell to $2.35 billion, or 47 cents per share, in the second quarter ended Jan.28 from $3.15 billion, or 62 cents per share, a year earlier.

The world’s largest networking gear maker said revenue fell 2.9% to $11.58 billion.

To offset sluggish demand for its traditional lineup of switches and routers, Cisco has been focusing on areas such as security, the Internet of things, and cloud computing.