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.

>To submit a news tip, send an email to:

If you liked this article you might like

Cisco Could Be in Line for Some Big Changes With John Chambers' Exit

7 Essential Rules for Investing in Tech Stocks

Hewlett Packard Enterprise Becomes the Latest Tech Titan to Slash Jobs

Tax Reform Is Coming and That Means Trump Stock Rally Is Ready to Kill It Again

'Trump Stock' Rally Is Back on Track