Cisco Systems (CSCO) late Wednesday reported first-quarter profit that topped views as revenue rose for the fourth straight quarter. Cisco stock climbed on the news.
XEarnings for the fiscal first-quarter were an adjusted 75 cents a share, up 23% from a year ago. Revenue rose 8% to $13.1 billion, ahead of forecasts. A year earlier, Cisco earnings were 61 cents a share on sales of $12.14 billion.
Analysts expected Cisco earnings of 72 cents on sales of $12.87 billion for the period ended Oct. 31.
For the fiscal second quarter, Cisco forecast earnings of 72 cents a share, in line with estimates. The company said it expects revenue of $12.86 billion at its midpoint of guidance. The maker of computer networking gear and security software topped estimates of $12.53 billion.
Cisco stock climbed more than 3%, near 45.75, during after-hours trading on the stock market today.
Cisco stock fell 1.7% in Wednesday's regular session. Shares have gained 30% from a year ago.
The company is shifting away from its core business of selling network switches and routers. With acquisitions, Cisco aims to increase revenue from software and services.
Analysts expected computer security services and sales of new Catalyst 9000 network switches to be bright spots for the fiscal first quarter. Lower corporate taxes boosted Cisco's fiscal Q1 profit. It's also driving higher customer spending on IT budgets.
YOU MAY ALSO LIKE:
Next Big Thing In Cloud Computing Puts Amazon And Its Peers On The Edge
Cloud Computing: Find Top Cloud Stocks And Track Industry Trends
Sell And Take Profits Or Hold? Here Are Several Guidelines To Follow
Chart-Reading Basics: How A Buy Point Marks A Time Of Real Opportunity
