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14.11.2018 22:21:35

Cisco stock ticks higher on earnings beat

Cisco Systems Inc. shares advanced in the extended session Wednesday after the network giant topped Wall Street estimates for the quarter. Cisco shares rose 1.3% after hours, following a 1.8% decline to close the regular session at $44.33. The company reported fiscal first-quarter net income of $3.55 billion, or 77 cents a share, compared with $2.39 billion, or 48 cents a share, in the year-ago period. Adjusted earnings were 75 cents a share. Revenue rose to $13.07 billion from $12.14 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 72 cents a share on revenue of $12.86 billion. For the second quarter, Cisco expects adjusted earnings of 71 cents to 73 cents a share on 5% to 7% year-over-year revenue growth, or $12.48 billion to $12.72 billion, while analysts have forecast 72 cents a share on revenue of $12.54 billion. Cisco said its outlook includes divestiture of its Service Provider Video Software Solutions unit, which may not have been taken into account in some analyst estimates. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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