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Cisco's historical financial statements confirm -$809 million discrepancy in security sales

According to Cisco's historical financial statements, Q2'FY12 security sales were actually down -6.96% year-over-year, not up +24% as shown in its new statements.

Wed, 2/8/12 - 11:59pm    View comments

Earlier today, Cisco bragged (page 4) that its Q2'FY12 security sales were up +24% year-over-year!
 

Cisco's Q2'FY12 Revenue Highlights
 

But according to Cisco's own historical financial statements, Cisco's Q2'FY12 security sales were actually down -6.96% year-over-year!

Cisco's Historical FY10 Financial Statements
 

Cisco's Historical FY10 Financial Statements
 

Cisco's New FY10 Financial Statements
 

Cisco's New FY10 Financial Statements
 

The -24.43% (i.e. -$809 million) descrepancy between the historical and new FY10 + FY11 Cisco security product sales reporting most certainly can't be attributed to a "rounding error."

Cisco's security quarterly product sales in millions
(under both Cisco's historical and new sales reporting categories)

Security Q1'FY10 Q2'FY10 Q3'FY10 Q4'FY10 Q1'FY11 Q2'FY11 Q3'FY11 Q4'FY11 Q1'FY12 Q2'FY12
Historical 403 394 405 527 395 359 413 415    
New 296 291 300 415 290 270 316 324 320 334
Discrepancy -107 -103 -105 -112 -105 -89 -97 -91    
Discrepancy
Percentage
-26.55 -26.14 -25.92 -21.25 -26.58 -24.79 -23.48 -21.92    
Total Cisco Security FY10 + FY11 Product Sales Discrepancy:   -$809 million
Total Cisco Security FY10 + FY11 Product Sales Discrepancy Percentage:   -24.43%

Where did the -$809 million discrepancy go?

Note: Cisco did not respond to my repeated requests for clarification, nor did Cisco clarify the -$809 million discrepancy in its Q2'FY12 earnings call nor its Q1'FY12 earnings call.
 

Related stories:

Unconfirmed rumor Cisco offered $2.5 billion to buy Palo Alto Networks and was turned down

Cisco's Q2'FY12 switching, routing, collaboration revenues and product gross margin sequentially declined

Why did Cisco deflate its FY11 security product sales by -$382 million?
 


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