Building on solid fiscal fourth-quarter results earlier this year, the switch maker comfortably beat analysts' estimates and offered robust guidance.
|Cisco reports first-quarter results after market close.|
Cisco brought in revenue of $11.3 billion, up from $10.75 billion in the prior year's quarter. Analysts surveyed by Thomson Reuters were looking for sales of $11.03 billion.Excluding items, the Dow component earned 43 cents a share on net income of $2.3 billion, up from 42 cents a share and net income of $2.4 billion in the same period last year. Wall Street was looking for earnings of 39 cents a share. For the second quarter, Cisco expects revenue between $11.13 billion and $11.23 billion, at the high end of analysts' projection of $11.14 billion. On the ropes earlier this year, Cisco has undergone a massive overhaul, which is now paying off, according to CEO John Chambers. "In every major market transition we have historically emerged stronger," he said, during the company's earnings call. "We're well on our way to doing this again." Cisco shares were up 46 cents, or 2.61%, to $18.07 in extended trading on Wednesday. -- Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: email@example.com.
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 Plus 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