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Cisco: Fiscal 1Q Earnings Snapshot

·1 min read

SAN JOSE, Calif. (AP) _ Cisco Systems Inc. (CSCO) on Thursday reported fiscal first-quarter net income of $2.17 billion.

The San Jose, California-based company said it had profit of 51 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 76 cents per share.

The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.

The seller of routers, switches, software and services posted revenue of $11.93 billion in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $11.88 billion.

For the current quarter ending in February, Cisco expects its per-share earnings to range from 74 cents to 76 cents.

Cisco shares have decreased 19% since the beginning of the year, while the Standard & Poor's 500 index has increased 9.5%. In the final minutes of trading on Thursday, shares hit $38.67, a drop of 20% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CSCO at https://www.zacks.com/ap/CSCO