Cisco Systems, Inc. CSCO shares are trading higher in the after-hours session Wednesday after the company reported better-than-expected fourth-quarter earnings.
What To Know: Cisco reported quarterly earnings of $1.14 per share, which beat the analyst consensus estimate of $1.06. Revenues of $15.20 billion beat the analyst consensus estimate of $15.05 billion, representing a 16.01% increase over sales of $13.10 billion the same period last year.
Total software revenue was up 17% year-over-year and software subscription revenue was up 20% year-over-year.
The company estimates full-year 2024 earnings per share to be in a range between $4.01 and $4.08, versus the $4.04 estimate.
Revenue is anticipated to be in a range between $57 billion and $58.2 billion, below the the $58.38 billion estimate.
"We delivered double-digit growth in revenue and EPS, generating strong operating leverage in Q4," said Scott Herren, CFO of Cisco. "Our business model transformation drove double-digit growth in software revenue, product ARR and total RPO, leading to greater visibility and predictability. We are committed to expanding operating leverage and increasing shareholder returns over the long term."
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CSCO Price Action: Shares of CSCO were up 3.83% at $54.99 in the after-hours session at the time of publication, according to Benzinga Pro.
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