delivered a stronger-than-expected quarter, soothing concerns that the tech bellwether would show signs of deterioration amid weakening macroeconomic conditions.
The San Jose, Calif., networking giant said it had a fiscal fourth-quarter profit of $2 billion, or 33 cents a share, which rose from a profit of $1.9 billion, or 31 cents, in the year-ago quarter.
Excluding one-time items, Cisco earned $2.4 billion, or 40 cents a share, which topped the Thomson Reuters average estimate by a penny.
Cisco said revenue increased 10% from a year ago to $10.4 billion, slightly above Wall Street's estimate of $10.3 billion. During the company's fiscal third-quarter earnings call, CEO John Chambers pegged revenue to rise in a range of 9% to 10% during the quarter.
"We are very pleased to deliver the first $10 billion quarter in the company's history," said Cisco CFO Frank Calderoni in a statement.
Shares of Cisco were up 3% during Tuesday's session to $22.65; shares rose another 1.1% in late trading to $22.90.
Investors and analysts will turn their attention to the company's conference call, where many hope for more clarity on Chambers' outlook for the fiscal first quarter and full year. During the company's last call, Chambers said he still expects long-term annual growth in a range of 12% to 17%. Any divergence from this previous target is expected to impact shares significantly.
Cisco's earnings beat echoes results of tech bellwethers such as
. Networkers haven't been as lucky, though.
notched a sixth-straight quarterly shortfall, and
posted a loss in the second quarter that ballooned from a year earlier.