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Cisco Systems, Inc. (NASDAQ:CSCO) shares are up 3 percent after delivering a mixed second-quarter earnings report.
Second-quarter earnings came in at 73 cents per share, beating estimates by a penny. Sales came in at $12.4 billion, missing estimates by $10 million.
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The company reported strong third-quarter earnings guidance and expects sales growth of 4-6 percent year-over-year. Cisco also added $15 billion to its buyback plan.
"We are very pleased with our strong performance in the quarter," said Chuck Robbins, chairman and CEO of Cisco. "Our teams are executing incredibly well, aggressively transitioning to a software model and accelerating our pace of innovation. We are redefining and connecting every domain of the networking infrastructure to deliver the agility, operational efficiency and security our customers require to embrace multicloud, edge computing and digital transformation."
Other Highlights
- EPS increased 16 percent
- Total revenue up 7 percent
- Operating cash flow increased 12 percent
Shares traded at $48.90 in the after-hours session. The stock closed at $47.50.
Related Links:
A Preview Of Cisco Systems Q2 Earnings
Barron's On: The Most Sustainable Companies In America
Photo credit: Prayitno
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.