Cisco: Fiscal 1Q Earnings Snapshot
SAN JOSE, Calif. (AP) _ Cisco Systems Inc. (CSCO) on Wednesday reported fiscal first-quarter profit of $3.55 billion.
The San Jose, California-based company said it had net income of 77 cents per share. Earnings, adjusted for non-recurring gains, were 75 cents per share.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.
The seller of routers, switches, software and services posted revenue of $13.07 billion in the period, also beating Street forecasts. Nine analysts surveyed by Zacks expected $12.87 billion.
For the current quarter ending in February, Cisco expects its per-share earnings to range from 71 cents to 73 cents.
Cisco shares have climbed 16 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 1 percent. In the final minutes of trading on Wednesday, shares hit $44.33, a climb of 30 percent in the last 12 months.