Cisco reported a slight year-over-year decline in adjusted net income to $2.6 billion from $2.7 billion. The company posted adjusted earnings of 51 cents cents a share, which surpassed analysts' expectations of 48 cents a share.
Cisco also noted revenue of $11.5 billion down year over year from $12.2 billion, which beat the consensus estimate of $11.38 billion.
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The stock was up 4.25% to $23.78 in after-hours trading.
Separately, TheStreet Ratings team rates CISCO SYSTEMS INC as a "buy" with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CISCO SYSTEMS INC (CSCO) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, increase in stock price during the past year, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows: