Cisco
Over the last decade, Cisco has enjoyed wave after wave of growth in the marketplace, expanding from a small, startup company to an industry leader with over $22 billion in revenue. Our company has a long history of careful risk-taking and solid execution over the years, producing products that rate number one or number two in 21 market areas. Our customers, employees, and shareholders have recognized Cisco as one of the best places to work and have helped make Cisco one of the most admired companies in the world.
Having said that, we recognize that fiscal 2001 was different and more difficult than any other year in our history. In fact, in many ways, it was like two different years. The first period, from August through December, started out even more positively than we could have anticipated with year-over-year revenue growth over 60 percent, while the second half became extremely challenging. We obviously would have liked to avoid the challenges we faced in reduced capital spending and the global macroeconomic environment, which resulted in the reduction in our workforce and inventory charges we announced. However, we are committed to being decisive, addressing issues quickly, and dealing with the world the way it is, not the way we wish it were. Now, as you would expect, we are moving forward with a focus on our customers and areas we can influence and control: market-share gains, growth opportunities in emerging markets, profit contribution, IP technology, and product leadership.
For fiscal 2001, we reported revenue of $22.29 billion, an 18 percent year-over-year increase when compared with revenue of $18.93 billion in fiscal 2000. Pro forma net income was $3.09 billion or $0.41 per share for fiscal 2001, compared with pro forma net income of $3.91 billion or $0.53 per share for fiscal 2000, representing a 21 percent and 23 percent year-over-year decline, respectively. Actual net loss for the year was $1.01 billion or $0.14 per share, compared with fiscal 2000 actual net income of $2.67 billion or $0.36 per share.
As with any period of growth and innovation, we understand that there will be bumps along the way. What we witnessed in our industry this past year reminds us of the speed with which changes can occur. The peaks in Internet business activities will be higher and the valleys lower than many of us anticipated. Yet we still strongly believe that the long-term future of the Internet is very promising, and we understand that our success is closely tied to our customers.
We recognized this early in our history, and shared it explicitly, as evidenced by the theme at our 1991 Networkers Conference—"Listen, Share, Explore." Listening carefully to our customers for guidance on product development, sales, implementation, and service has remained a top priority. Now, when we listen, we are working to understand what is required to help our customers' business and technical leaders achieve their common business goals.
In the early days of the Internet economy, we worked with our [next page]