Cisco Earnings: Blog Recap
NEW YORK (TheStreet) -- Cisco (CSCO) edged estimates for its fourth-quarter results Wednesday, beating analysts' profit expectations by two cents and posting $11.2 billion in quarterly sales, above the consensus $10.98 billion.
Shares of Cisco, down more than 30% for the year on worries of weak public sector spending and lackluster company execution, were rising in the after-hours session, up at one point by more than 10%.
The company shed a little light onto what the struggling switchmaker is doing to offset the tech spending downturn and macro economic challenges driving the markets -- and the rest of tech -- down.
"We will continue to drive at this simplification process at an even faster pace," said CEO John Chambers on the company's earnings call, nodding to the firm's ongoing restructuring. "It's an ongoing process, one not lasting several quarters, but lasting several years."
Guiding for revenue growth next quarter, Chambers said that it should rise around 1% to 4%; analysts were expecting flat growth. Cisco's modest beat was pushing competitors' stocks up in the post-market session, too, with Juniper (JNPR) showing a 54-cent rise and HP (HPQ) up 29 cents. TheStreet live-blogged the conference call.--Blog written by Scott Moritz and James Rogers in New York.
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