Cisco gains as results, forecast beat expectations
Cisco Systems Inc. stock gained in late trading Wednesday after the company reported earnings and gave a forecast that beat analysts' expectations. The world's largest networking company reported net income of $2.3 billion, or 46 cents a share, on sales of $12 billion for its third fiscal quarter; after adjustments for share-based compensation and other effects, Cisco claimed profit of 57 cents a share. Analysts polled by FactSet on average expected Cisco to report adjusted profit of 55 cents a share on sales of $11.97 billion. The company's forecast could help calm fears about the macroeconomic environment for tech spending, as Cisco said it expects adjusted profit in the current quarter to be in a range of 59 cents a share to 61 cents a share. Analysts predicted 58 cents a share, according to FactSet. Cisco stock gained more than 5.5% in late trading, topping $28.20 after closing with a 0.3% gain at $26.72.
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