TECH - Cisco's Fallout Outlook Overshadowed Its Quarterly Results | Benzinga
Cisco Systems Inc (NASDAQ: CSCO) topped profit expectations with its quarterly results but slashed its fiscal year earnings outlook on the account of its consumers being busy implementing the offerings they received over the previous quarters. The weak guidance overshadowed quarterly results, with shares of the networking giant falling as much as 13% upon Wednesday’s report.
Fiscal First Quarter Highlights
For the quarter ended on October 28th, revenue rose 7.6% YoY to $14.67 billion.
Networking hardware maker earned a net income of $3.64 billion, or 89 cents per share, up from last year’s comparable quarter when it made $2.67 billion, or 65 cents per share. After strong delivery figures over the previous three quarters, new product orders slowed down with consumers being busy installing and ...