ã€World Wide Web Consolidated Report Intern Reporter Lin Limin】 As early as morning news, Cisco (NASDAQ: CSCO) today released its financial report for the third quarter of fiscal year 2017. The financial report showed that Cisco’s revenue for the third fiscal quarter was US$11.9 billion, a decrease of 1% from US$12 billion in the same period of last year, and net profit of US$2.5 billion, a 7% increase from the US$2.3 billion in the same period of last year. Reuters May 17 - Cisco (CSCO.O), the world's largest maker of network equipment, plunged 5% in the after-hours trading of US stocks on Wednesday, after the company expects revenue in the current quarter will be far lower than analysts expected. At the same time, based on the plan announced in August last year to lay off 5,500 people, the company announced that it will lay off more than 1,100 people. The company said that the new round of layoffs will bring an additional $150 million in pre-tax costs. Cisco said that in the third quarter ended April 29, government business orders fell by 4%. Cisco CEO Chuck Robbins said at the earnings conference call: "As the budget is not clear, the current business growth has clearly stopped." The U.S. parties, which reached an agreement earlier this month, will provide about 1 trillion U.S. dollars to ensure that the federal government has sufficient funds in the fiscal year ending Sept. 30. However, US President Trump’s full 2018 fiscal year budget plan will be announced next Tuesday, when the two parties may again have differences. Needham & Co analyst Alex Henderson (Alex Henderson) said: "Therefore, a large part of Cisco's business is under threat." In the most recent quarter, market demand for Cisco router products was weak. This led to a year-on-year decline in the company's revenue for the sixth consecutive quarter. Cisco's information security services are of concern. The service provides firewalls and intrusion detection systems. Revenue from Cisco's information security business grew 9 percent year-over-year to $527 million, but lower than the average analyst estimate of $545.5 million in FaceSet statistics. CEO Chuck Robbins stated in an analyst's comments on Wednesday that he still believes in the company's transformation plan for cloud, security, analytics, Internet of Things and software, and will implement this strategy in the next three to five years. Robbins said: "As our customers add billions of new connections in the next few years, the network will become more critical than ever. They will use smart networks that provide automation, security, and analytics capabilities. The meaningful business value of these connections will be achieved through a combination of new platforms as well as software and user services; this is what we have strived to accelerate in the past 18 months." In order to highlight this trend, Robbins pointed out the measures that Cisco took at the network level against the recent WannaCry attack. Some analysts also said that due to the recent global ransomware incident, Cisco's information security business will be favorable. Similar to other traditional technology companies, Cisco’s focus is shifting to high-growth areas such as information security, the Internet of Things, and cloud computing. The traditional Cisco business is being challenged by rivals such as Huawei and Juniper. Cisco estimates that the adjusted profit for the current quarter will be 60 to 62 cents per share. The average analyst's expectations are 62 cents per share. Excluding one-time items, Cisco's profit per share for the quarter was 60 cents. Revenue decreased by 0.5% year-on-year to US$11.94 billion. Analysts on average expected Cisco’s adjusted earnings per share for the quarter to be 58 cents and revenue of $11.89 billion.
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Cisco on Wednesday estimated that fourth-quarter revenue will be 11.88 billion to 12.13 billion US dollars, down 4% to 6%. Analysts on Thomson Reuters' average are expected to generate revenue of $12.51 billion. 
In the third quarter ended April 29, Cisco's net profit rose to $2.52 billion, or 50 cents per share, up from $2.35 billion in the same period last year, or 46 cents per share.
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