NEW YORK ( TheStreet) -- Cisco (CSCO) experienced a volatile after-hours session on Wednesday as shares of the networking giant first rallied on the heels of a better than expected quarterly report then quickly turned lower during the company's conference call as executives offered up underwhelming outlook.
The Dow component posted an
adjusted profit of $2.35 billion, or 42 cents a share, for its fiscal third quarter ended in April on revenue of $10.87 billion, topping the average estimate of analysts polled by
Thomson Reuters for earnings of 37 cents a share on revenue of $10.85 billion.
The shares initially surged in late trades, running as much as 4.6% higher to $18.59, before reversing course and sliding into negative territory as the company said it expects adjusted earnings of 37 to 39 cents a share in its fiscal fourth quarter ending in July, below the current consensus view of 41 cents. Revenue is projected to be flat to up 2% year-over-year for the quarter, also a disappointment.
ClearwireShares of Clearwire (CLWR) slumped in late trades after Intel (INTC) disclosed plans to sell 10 million shares of Clearwire Class A common stock in the open market. The stock was last quoted at $4.52, down 4.4%, on volume of less than 80,000. Based on Wednesday's regular session close at $4.73, the shares are down 8% since the start of 2011 and 41% in the past year.
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