Cisco posts loss on $11.1 billion tax-related charge


(Reuters) – Network gear maker Cisco Systems Inc posted a net loss on Wednesday due to an $11.1 billion charge related to recent changes to the U.S. tax law. The company posted a net loss of $8.8 billion, or $1.78 per share, in the second quarter ended Jan. 27, compared with a profit of $2.3 billion, or 47 cents per share, a year earlier. Quarterly revenue rose 2.7 percent to $11.9 billion, the first rise in more than two years. The company said its board approved a $25 billion increase to its stock repurchase plan. (This version of the story corrects the quarterly revenue number) Reporting by Munsif Vengattil in Bengaluru; Editing by Sriraj KalluvilaOur Standards:The Thomson Reuters Trust Principles.
Source: Reuters