Cisco stock rises on earnings beat, $15 bln buyback

NASDAQ: CSCO | Cisco Systems, Inc. News, Ratings, and Charts

CSCO – Cisco Systems Inc. shares rose in the extended session Wednesday after the network giant’s quarterly results topped Wall Street estimates for the quarter.

Cisco Systems Inc. CSCO, +3.73% shares rose in the extended session Wednesday after the network giant’s quarterly results topped Wall Street estimates for the quarter. Cisco shares rose 2.8% after hours, following a 0.8% decline to close the regular session at $47.50. The company reported fiscal second-quarter net income of $2.82 billion, or 63 cents a share, compared with a loss of $8.78 billion, or $1.78 a share, in the year-ago period. Adjusted earnings were 73 cents a share. Revenue rose to $12.45 billion from $11.89 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 72 cents a share on revenue of $12.42 billion. For the third quarter, Cisco expects earnings of 76 cents to 78 cents a share on 4% to 6% year-over-year revenue growth, or $12.96 billion to $13.21 billion. Analysts estimate earnings of 76 cents a share on revenue of $12.84 billion. Also, Cisco announced its board authorized a 6% quarterly dividend hike to 35 cents a share, and a $15 billion increase to the company’s share buyback program.


Cisco Systems Inc. shares rose $1.18 (+2.48%) in after-hours trading Wednesday. Year-to-date, CSCO has gained 10.47%, versus a 10.03% rise in the benchmark S&P 500 index during the same period.

CSCO currently has a StockNews.com POWR Rating of A (Strong Buy), and is ranked #1 of 54 stocks in the Technology – Communication/Networking category.


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