Cisco Falls After Q4 Report (CSCO)
The company reported both earnings per share and revenue that narrowly exceeded Wall Street estimates. Nevertheless, the stock was last trading down a little more than 4 percent to $25.27 in the after-hours.
"My confidence in our ability to be the #1 IT Company is increasing. Our fourth quarter was a record on many fronts, with record revenue, and record non-GAAP operating income, non-GAAP net income, and non-GAAP earnings per share. In every case, we exceeded the midpoint of our guidance. We also generated $4 billion in operating cash flow in the quarter, another record," stated Cisco Chairman and CEO John Chambers.
"Now, more than ever, our customers and our partners want Cisco's help navigating the inconsistent global landscape successfully. They recognize the benefit of a partner who is not only the leader in their product categories, but can bring technologies and solutions together in an architecture to lower operating costs, reduce time to results, and future proof their investments."
Fiscal Q4 Results
Cisco reported net income of $2.27 billion or $0.42 per share, compared to $1.92 billion or $0.36 per share, in last year's corresponding period.
On an adjusted basis, net income was $2.85 billion or $0.52 per share, versus $2.53 billion or $0.47 per share, in last year's fourth-quarter. This came in just ahead of analysts' consensus EPS estimates of $0.51.
Revenue in the period rose 6.2 percent to $12.42 billion from $11.69 billion last year. This also narrowly beat Wall Street consensus revenue estimates of $12.41 billion.
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