NEW YORK (
) - Despite concerns that
(CSCO - Get Report)
would feel the
that weighed on other Silicon Valley heavyweights this
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
were looking for sales of $11.77 billion and earnings of 46 cents a share.
Similar to its
, 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.
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