UPDATE 2-Cisco revenue declines for fifth straight quarter, shares fall
(Recasts lead, adds share move)
Feb 9 (Reuters) - Cisco Systems Inc on Tuesdayreported a decline in revenue for a fifth straight quarter, asenterprise clients spent less on its network infrastructureproducts for offices due to the rise of remote working.
The dour performance overshadowed a better-than-expectedforecast for current-quarter revenue and sent the company'sshares 4% lower in extended trading. The stock had risen nearly8% last week ahead of the results.
Chief Financial Officer Richard Herren said on a call withanalysts that the infrastructure platforms unit, whose salesfell 3% in the quarter, took the biggest hit from the COVID-19pandemic.
The company's total revenue fell slightly to $11.96 billionin the second quarter ended Jan. 23, from $12.01 billion a yearearlier. Analysts were expecting a figure of $11.92 billion,according to IBES data from Refinitiv.
However, the remote working trend boosted demand for thecompany's videoconferencing platform Webex, virtual privatenetwork AnyConnect and cybersecurity products.
Revenue from the company's services business rose 2% to$3.39 billion.
Cisco said it expects third-quarter revenue to increasebetween 3.5% to 5.5%, which implies a range of $12.4 billion to$12.64 billion compared with analysts' estimates of $12.35billion.(Reporting by Munsif Vengattil in Bengaluru; Editing by AdityaSoni)
