Cisco CEO Chuck Robbins. Photo credit: World Economic Forum / Manuel Lopez, under Creative Commons license

Networking hardware giant Cisco has announced its financial results for the second quarter of 2020, reporting $12.2 billion in revenue, down 9% year-over-year, and net income of $2.6 billion, up 19% year-over-year. During the quarter, Cisco returned $1.5 billion to shareholders in the form of dividends and share buybacks. The company ended the quarter with $29.4 billion in cash on its balance sheet. During the quarter, the San Jose-based company notably completed the acquisition of ThousandEyes, a cybersecurity startup, in a deal reported to be worth close to $1 billion.

For the next quarter, Cisco is forecasting a year-over-year revenue decrease of between 9%-11%.