Cisco: Fiscal 2Q Earnings Snapshot
Cisco: Fiscal 2Q Earnings Snapshot
SAN JOSE, Calif. (AP) _ Cisco Systems Inc. (CSCO) on Wednesday reported fiscal second-quarter net income of $2.82 billion, after reporting a loss in the same period a year earlier.
The San Jose, California-based company said it had net income of 63 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 73 cents per share.
The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.
The seller of routers, switches, software and services posted revenue of $12.45 billion in the period, which also topped Street forecasts. Nine analysts surveyed by Zacks expected $12.4 billion.
For the current quarter ending in May, Cisco expects its per-share earnings to range from 76 cents to 78 cents.
Cisco shares have increased almost 10 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 10 percent. In the final minutes of trading on Wednesday, shares hit $47.50, a rise of 15 percent in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CSCO at https://www.zacks.com/ap/CSCO