This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
NEW YORK (
Cisco(CSCO - Get Report) 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 - Get Report) 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.
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%.
Zynga(ZNGA - Get Report), 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 - Get Report), 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 - Get Report) was a modest gainer before market open, rising 0.24% to $544.21.
--Written by James Rogers in New York.
>To submit a news tip, send an email to: