NEW YORK (TheStreet) -- Shares of Cisco Systems (CSCO) advanced on heavy volume in Wednesday's after-hours session after the Dow component delivered an above-consensus quarterly profit and a favorable outlook for the current period.
The San Jose, Calif.-based networking giant posted non-GAAP earnings of $2.2 billion, or 40 cents a share, for its fiscal fourth quarter ended on June 30, on revenue of $11.2 billion, ahead of the average estimate of analysts polled by Thomson Reuters for a profit of 38 cents a share in the quarter on revenue of $10.97 billion.
The stock was last quoted at $14.81, up 8%, on volume of more than 16 million, according to Nasdaq.com. Based on a regular session close at $13.73 on Tuesday, the shares are down more than 30% so far in 2011. The after-hours high is $15.49.
"We've made significant progress on our comprehensive action plan to position ourselves for our next stage of growth and profitability, while delivering solid financial results in Q4," said John Chambers, the company's chairman and CEO, in a statement. "As we start our next fiscal year, you will see a very focused, agile, lean and aggressive company, that is laser focused on helping our customers use intelligent networks to transform their businesses."TheStreet covered Cisco's conference call in a live blog, and reported that Chambers has forecast revenue growth of between 1-and-4% for its fiscal fourth quarter ending in September, besting Wall Street's flat view. The news gave a slight lift to Cisco competitors Juniper Networks (JNPR), up 1.6% to $21 on volume of more than 130,000; and Riverbed Technology (RVBD), rising 1.2% to $23.27 on volume of around 60,000.
Gilead SciencesShares of Gilead Sciences (GILD) got a lift in late trades after the company said it and partner Johnson & Johnson (JNJ) had received marketing approval from the Food and Drug Administration of their Complera once-a-day tablet for the HIV-1 infection in treatment-na´ve adults. Gilead's stock was last up 2.4% to $36.20 on volume of more than 670,000. Based on a regular session close at $35.34, the shares were up 5% year-to-date. Gilead reached a deal to collaborate with J&J's Tibotec unit on a single-pill HIV treatment in July 2009.
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