|Cisco reports first-quarter results after market close.|
SAN JOSE, Calif. ( TheStreet) -- Cisco ( CSCO) reported strong fiscal first-quarter results after market close on Wednesday, offering investors yet more evidence of its turnaround. Building on solid fiscal fourth-quarter results earlier this year, the switch maker comfortably beat analysts' estimates and offered robust guidance.
Cisco brought in revenue of $11.3 billion, up from $10.75 billion in the prior year's quarter. Analysts surveyed by Thomson Reuters were looking for sales of $11.03 billion. Excluding items, the Dow component earned 43 cents a share on net income of $2.3 billion, up from 42 cents a share and net income of $2.4 billion in the same period last year. Wall Street was looking for earnings of 39 cents a share. For the second quarter, Cisco expects revenue between $11.13 billion and $11.23 billion, at the high end of analysts' projection of $11.14 billion. On the ropes earlier this year, Cisco has undergone a massive overhaul, which is now paying off, according to CEO John Chambers. "In every major market transition we have historically emerged stronger," he said, during the company's earnings call. "We're well on our way to doing this again." Cisco shares were up 46 cents, or 2.61%, to $18.07 in extended trading on Wednesday. -- Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org.