NEW YORK ( TheStreet) - Despite concerns that Cisco (CSCO - Get Report) 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.