Cisco Shares Surge on Earnings Beat, But Overall Numbers Are Weak
Cisco surprised the Street with earnings of $0.51 a share, 3 cents higher than estimates. However, revenues of $11.5 billion were lower than last year's $12.2 billion.
Cisco shares are soaring after the company's earnings beat analysts’ estimates. Cisco surprised the Street with earnings of $0.51 a share, 3 cents higher than estimates. However, revenues of $11.5 billion were lower than last year's $12.2 billion and it’s not getting any better. Next quarter, the company forecasts revenues will be down 5-percent from the same quarter a year ago. Cisco CEO John Chambers gave the weak quarter a positive spin, saying "our financial results exceeded the guidance we provided last quarter as we demonstrated clear progress on returning to growth." Kori Hale reports from Wall Street.
