Cisco leaps as Q2 results, guidance blow past expectations
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Cisco Systems (NASDAQ:CSCO) soared more than 10% in extended-hours trading after the networking giant reported fiscal second-quarter results that topped expectations and issued a healthy third-quarter forecast.
For the period ending January 28, Cisco (CSCO) earned 88 cents per share on $13.6B revenue, as product revenue rose 9% to $10.16B and service revenue climbed 2% to $3.44B.
Breaking down sales by region, Cisco (CSCO) said revenue in the Americas was up 9% and EMEA was up 5%. Revenue from Asia Pacific, Japan, and Greater China rose 1% from a year-ago.
Wall Street analysts estimated Cisco (CSCO) would earn 86 cents a share, excluding one-time items, on revenue of $13.41B.
Cisco (CSCO) previously said it expects to generate earnings of 84 cents to 86 cents a share, excluding one-time items, with revenue rising between 4.5% and 6.5% from last year's fiscal second quarter.
Competitors Arista Networks (ANET) and Juniper Networks (JNPR) also rose on back of the results.
Looking ahead, Cisco (CSCO) said it expects third-quarter sales to rise between 11% and 13% year-over-year, handily surpassing the 5.8% growth analysts were expecting.
Cisco (CSCO) also raised its full-year earnings outlook, as it now expects to earn between $3.73 and $3.78 per share, up from a prior view of $3.51 to $3.58 per share.
The Chuck Robbins-led Cisco (CSCO) also said it was raising its quarterly dividend payment by 3% to 39 cents per share.
Cisco (CSCO) will hold a conference call at 4:30 p.m. EST to discuss the results.
Earlier this month, Cisco (CSCO) was listed among the top tech, media and telecom stocks for 2023 by Bank of America.