Rosy Outlook Boosts Cisco Shares To Levels Not Seen for 15 Years
Nov, 16th 08:13
Shares of Cisco Systems Inc. rose drastically in the extended session Wednesday after the multinational technology conglomerate reported quarterly earnings that topped market estimates and forecast upbeat earnings outlook for the current quarter.
Cisco’s shares jumped more than 5.8 percent in after-hours trading on Wednesday after having closed the regular session up 0.21 percent. Shares were trading at as high as $36.10 – levels not seen for more than 15 years. The networking company posted fiscal first-quarter net income of $2.39 billion, or 48 cents a share, up from $2.32 billion, or 46 cents a share, in the year-ago period. Adjusted earnings were reported to hit 61 cents a share.
For the second fiscal quarter, Cisco forecast earnings to reach a range from 58 cents to 60 cents a share. Year-on-year revenue is expected to advance by 1% to 3%, to $11.7 billion to $11.93 billion. The forecast beat analysts’ expectations calling for earnings of 58 cents a share on revenue of $11.7 billion.
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