Cisco beats on revenue and earnings but investors were not impressed
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Cisco reported a 4.4 percent rise in quarterly revenue on Wednesday, its second straight quarterly rise, driven by strong growth in its newer businesses such as security.
- The company's net income rose to $2.69 billion, or 56 cents per share, in the third quarter ended April 28, from $2.52 billion, or 50 cents per share, a year earlier.
- Total revenue rose to $12.46 billion from $11.94 billion, vs. $12.43 billion as expected by analysts, according to Thomson Reuters. So that's a beat.
- Earnings were 66 cents per share, excluding certain items, vs. 65 cents per share expected by analysts, another beat.
On top of the beat, Cisco's guidance was in-line with expectations. But the market wasn't thrilled with this solid performance and the stock dropped almost 4% in after hours trading.
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