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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV