For the 1st time in 10-years, Cisco's FY12 research and development expense sequentially declined.
Meanwhile, Cisco's FY12 general and administrative expense sequentially soared by +21.69%
Also for the 1st time in 10-years, Cisco's FY12 sales and marketing expense sequentially declined.
Cisco's operating income has grown by just a meager +6.5% over 4-years (i.e. since 2008), $10.065 billion vs. $9.442 billion.
Since FY07, Cisco's "interest and other income, net" has fallen by a staggering -88.8%, from $840 million to $94 million.
During FY12, Cisco earned less net income, $8.041 billion, than it did 4-years earlier in FY08, when net income was $8.052 billion.
Even though Cisco had $8.041 billion in FY12 net income, its FY12 adjusted stock price close was -15.78% less than 11-years earlier when Cisco reported a -$1.014 billion FY01 net loss!
Over the past 11-fiscal years, Cisco has repurchased $76.132 billion (an average of $6.921 billion per year) of Cisco stock for a combined total of 3.740 billion Cisco shares (an average of 340 million Cisco shares per year).
However since FY01, Cisco's basic shares used in its per-share calculation has decreased by only -1.826 billion shares.
That means 1.914 billion shares (i.e. 51.17%) of the total Cisco shares repurchased for a cash cost of $38.956 billion (i.e averaging $3.541 billion per year) went to support the dilutive management compensation practices of Cisco CEO John Chambers.
13-year history of Cisco's fiscal year consolidated statements of operations:
