Cisco, AMD, Zynga: Tech Premarket
NEW YORK (TheStreet) -- Cisco (CSCO) was a big winner in premarket trading on Wednesday as investors welcomed the networking giant's first-quarter results released late Tuesday.
The San Jose, Calif.-based company delivered some good news in a generally underwhelming tech earnings season, comfortably beating Wall Street's estimates and offering healthy guidance.
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.
For its second quarter, Cisco predicted revenue between $11.9 billion and $12.1 billion and earnings of 47 cents to 48 cents a share. Analysts had projected revenue of $12.02 billion and earnings of 47 cents a share.
Cisco shares rose 7.36% to $18.09 in premarket trading on Wednesday. AMD (AMD) shares fell 1.91% to $2.05 in premarket trading after the No. 2 chipmaker denied a rumor that it could be up for sale. On Tuesday, Reuters reported that the Austin-based firm has hired JP Morgan Chase to explore options, which could include a sale. The report helped drive AMD shares higher during Tuesday's trading, ending the day up 5.03%. Shares of Zynga (ZNGA), which announced the departure of its Chief Financial Officer late on Tuesday, rose 1.42% to $2.14 before market open. Wehner left Zynga on Tuesday to pursue "a senior finance position" at Facebook (FB), the company said. "Dave remains a good friend to us all and we wish him success in his next role," said Zynga CEO Mark Pincus, in a statement. Mark Vranesh, Zynga's chief accounting officer, has replaced Wehner, one of a number of executive changes announced by the San Francisco-based company. Zynga also reaffirmed its 2012 financial outlook. Facebook shares slipped 0.91% to $19.68 in premarket trading. Apple (AAPL) was a modest gainer before market open, rising 0.24% to $544.21. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: tips@thestreet.comSelect the service that is right for you!
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