NEW YORK ( TheStreet) - Despite concerns that Cisco (CSCO) would feel the same pressures that weighed on other Silicon Valley heavyweights this earnings season, the networking giant eased past Wall Street's estimates on Tuesday.
Cisco reported first-quarter revenue of $11.88 billion and earnings of 48 cents a share, up from $11.27 billion and 43 cents a share in the prior year's quarter. Analysts surveyed by Thomson Reuters were looking for sales of $11.77 billion and earnings of 46 cents a share.
Similar to its prior-quarter results, Cisco enjoyed strength in its U.S. enterprise business, which saw revenue grow 9% year-over-year. The company's U.S. service provider sales were also robust, increasing 13% compared to the prior year's quarter."We delivered record results this quarter -- with revenue growth of 6 percent and strong earnings per share growth -- demonstrating our vision and strategy are working," said Chambers in the company's press release. "Our innovation engine, operational discipline and on-going evolution are enabling us to differentiate in the market." The tech bellwether also offered healthy guidance, predicting revenue between $11.9 billion and $12.1 billion and earnings of 47 to 48 cents a share. The current consensus view calls for revenue of $12.02 billion and earnings of 47 cents a share. Investors relished the results, pushing Cisco's shares up 7.06% to $18.04 in extended trading on Tuesday. Check out our live blog recap for more details of Cisco's second-quarter results. -- Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org.
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