Cisco Beat on Earnings

Cisco

reported earnings on Wednesday. The company beat analyst's expectations. Cisco's first quarter earnings came in at $0.47/share, while analysts had been anticipating only $0.43/share. Revenue for the company came in at $11.50 billion against an estimated $11.23 billion. The company stated that it had hit its $1 billion cost savings plan a quarter ahead of schedule. Shares of the company rallied just over 3% in after-hours trading.