Cisco posts loss on $11.1b tax-related charge

Bengaluru: Network gear maker Cisco Systems Inc posted a net loss on Wednesday due to an $11.1 billion (Dh40.7 billion) charge related to recent changes to the US tax law. The company posted a net loss of $8.8 billion, or $1.78 per share, in the second quarter ended January 27, compared with a profit of $2.3 billion, or 47 cents per share, a year earlier. Quarterly revenue rose 2.6 per cent to $8.7 billion, the first rise in more than two years. The company said its board approved a $25 billion increase to its stock repurchase plan.