Cisco Earnings: CSCO Stock Surged on Q1 Earnings Beat
Cisco earnings (NASDAQ:CSCO) were stronger than what analysts were calling for late in the day Wednesday, sending CSCO stock up after the bell.
The company said that for its first quarter of fiscal 2019, it brought in adjusted earnings of 75 cents per share, which excluded certain items. Analysts were calling for the company to amass adjusted earnings of 72 cents per share, according to data compiled by Refinitiv.
Cisco added that its revenue for the period tallied up to $13.07 billion, which marked an 8% increase compared to its year-ago quarter results. Analysts polled by Refinitiv said in their consensus estimate that they were calling for sales of $12.87 billion.
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The company’s largest business segment was its Infrastructure Platforms, which includes hardware such as its data center networking switches, raking in $7.64 billion in revenue. Analysts were projecting Cisco to bring in revenue of $7.4 billion in the segment.
Cisco added that its Application business, which includes the company’s collaboration tools and the AppDynamics software, raked in revenue of $1.42 billion. The figure was better than the $1.35 billion that analysts were calling for in their consensus estimate.
Plus, the company’s Security segment brought in $651 million in revenue, also better than the $648 million that analysts were calling for. Cisco said that during the quarter, it acquired Duo Security for about $2.35 billion.
CSCO stock was sliding about 1.8% during regular trading hours on Wednesday but shares surged about 4.3% after the bell on the day.
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