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UPDATE 1-Cisco quarterly revenue misses expectations, shares fall

Wednesday, 13 Nov 2013 | 4:37 PM ET

(Adds earnings details, background; updates share price)

NEW YORK, Nov 13 (Reuters) - Network equipment maker Cisco Systems Inc said on its quarterly revenue rose less than expected due to weak demand in emerging markets, the United States and areas such as Southern Europe.

Its shares fell 1.6 percent in late trade after it said revenue grew to $12.09 billion from $11.88 billion, below analysts' average estimate of $12.34 billion according to Thomson Reuters I/B/E/S.

Chief Executive John Chambers said Cisco's U.S. business was inconsistent, but he told CNBC in an interview that the recent 16-day partial shutdown of the U.S. federal government, a major Cisco customer, had a smaller impact that he had expected.

Cisco also announced that its board had authorized up to $15 billion in additional repurchases of its common stock.

Cisco's profit dropped to $2 billion, or 37 cents per share, for its fiscal first quarter ended Oct. 26, from $2.09 billion, or 39 cents per share.

Cisco said its latest earnings included pretax charges of $237 million related to a plan it announced in August to cut 4,000 jobs or 5 percent of its workforce.

Cisco shares fell 1.6 percent to $23.61 in late trade after closing at $23.99 in the regular Nasdaq session. Its shares had already fallen 9 percent since its last quarterly report in August.

(Reporting by Sinead Carew)

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