Cisco Falls Postmarket as Soft Guidance Offsets Earnings Beat
Investing.com - Cisco (NASDAQ:CSCO) reported guidance that missed Wall Street estimates Wednesday, which overshadowed fiscal first-quarter results that topped forecasts amid a challenging macroeconomic backdrop.
For its fiscal second quarter, the company guided earnings in the range of $0.75 to $0.77, below estimates for second-quarter earnings of $0.79 from S&P Capital IQ. Revenue is expected to decline by 3% to 5% year on year.
The company reported earnings per share (EPS) of $0.84 on revenue of $13.16 billion. Analysts polled by Investing.com expected EPS of $0.81 on revenue of $13.07 billion. That compared to EPS of $0.75 on revenue of $13.07 billion in the same period a year earlier. The company had reported EPS of $0.83 on revenue of $13.43 billion in the previous quarter.
By segment, infrastructure platforms generated $7.54 billion, down 1% annually, applications came in at $1.50 billion, a 6% increase, security was reported at $815 million, a 22% jump, and other products generated $26 million, down 85%. Services were reported at $3.2 billion, up 3%.
Cisco shares lost 6.09% to trade at $45.50 in after-hours trade following the report.
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