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Cisco Systems Inc (NASDAQ: CSCO) is trading lower Thursday after the company announced worse-than-expected fiscal first-quarter revenue results and issued guidance.
Cisco reported quarterly adjusted earnings of 82 cents, which beat the estimate of 80 cents per share. The company reported quarterly revenue of $12.9 billion, which came in below the estimate of $12.98 billion.
Cisco expects fiscal second-quarter adjusted earnings to be in a range of 80 cents to 82 cents per share versus the estimate of 82 cents per share. The company said it expects revenue to grow by 4.5% to 6.5% year-over-year.
"In Q1, we had robust growth and continued strong demand despite the very dynamic supply environment," said Chuck Robbins, chair and CEO of Cisco.
Robbins continued, "Cisco's technology sits at the heart of the accelerated digital transformation happening today. Our breakthrough innovation, strong demand, and the success of our business transformation position us well for another year of growth in fiscal 2022."
CSCO Price Action: Cisco has traded as high as $60.27 and as low as $40.77 over a 52-week period.
The stock was down 7.37% at $52.57 at time of publication.
Photo: DennisM2 from Flickr.
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