NEW YORK (
trounced Wall Street's profit view for its fiscal second quarter Wednesday as the networking giant seized market share from its competitors.
The Dow component reported non-GAAP earnings of $2.6 billion, or 47 cents a share, in the January-ended period on revenue of $11.5 billion. Wall Street analysts polled by
expected Cisco to report earnings of 43 cents per share on $11.23 billion in revenue.
By contrast, Cisco rival
, as the company said customer spending slowed in its fourth quarter.
Cisco also raised its quarterly dividend to 8 cents per share, up from 6 cents per share.
"We delivered strong performance this quarter with record revenue and earnings per share," said John Chambers, Cisco chairman and CEO in the press release. Chambers also said Cisco hit the $1 billion target for its expense-reduction plan a quarter early.
The company ended the second quarter with $46.7 billion in cash and cash equivalents, up from $44.4 billion at the end of the first quarter.
Cisco repurchased 26 million shares during the quarter at an average price of $17.84, and it still has $8.2 billion remaining under its existing stock buyback program.
Cisco shares closed the regular session at $20.40, a gain of 1%.
Shares are 4.5% higher in after-hours trading, trading at $21.10 according to
Interested in more on Cisco? See TheStreet Ratings' report card for
Check out our new tech blog,
Written by Chris Ciaccia in New York
>To follow the writer on Twitter, go to
>To submit a news tip, send an email to: