Cisco Stock Jumps on Solid Earnings. It’s Raising Its Dividend by a Penny.
Cisco Systems second-quarter earnings and revenue came in higher than Wall Street expected. The networking company reported earnings of 94 cents a share on revenue of $14 billion. Analysts surveyed by FactSet were expecting earnings of 91 cents a share from revenue of $13.9 billion. Cisco’s earnings rose from last year’s 87 cents a share, while revenue increased from $12.8 billion. “Cisco’s strong quarterly results were driven by accelerating customer demand for our technology,” Chief Executive Chuck Robbins said in a news release. “As AI becomes more pervasive, we are well positioned to help our customers scale their network infrastructure, increase their data capacity requirements, and adopt best-in-class AI security.” The gain in revenue came from the data platform Splunk, which Cisco acquired last year. Excluding the contribution from Splunk, total revenue was down 1% from last year. Chief Financial Officer Scott Herren told Barron’s that because of supply constraints […]
Cisco Stock Jumps on Solid Earnings. It’s Raising Its Dividend by a Penny. Read Post »