Cisco Systems Beats Earnings Estimates, Repurchases 35 Million Shares

Cisco Systems (CSCO) reported its third-quarter fiscal results after the closing bell on Wednesday. Adjusted earnings per share came in at 54 cents, compared to the 53 cents analysts polled by Thomson Reuters were looking for. On the top line, the company reported sales of $12.14 billion, slightly ahead of the $12.07 billion Wall Street expected. During the quarter, Cisco repurchased some 35 million shares totaling $1 billion and paid a cash dividend of 21 cents per share. This marks the last earnings report under current CEO John Chambers, who will be replaced by Chuck Robbins on July 26. Shares of Cisco are trading at $29.35 per share and are up 5.6 percent since the start of the year.