Cisco Systems, a supplier of network equipment in the United States, beat expectations in terms of profits in the first fiscal quarter, but was disappointed with its forecast. Thus, the stock is temporarily selling about 7 percent in post-close trading. The 200 day streak threatens to be under bullets.
Cisco earned about 3.0 (previous year: 2.2) billion, or 70 (51) cents per share, in the first fiscal quarter. On an adjusted basis, earnings were 82 cents per share. Analysts expected only 80 cents. Revenues rose 8 percent to $12.9 (11.9) billion. The consensus here was $12.98 billion.
For the second fiscal quarter, Cisco expects earnings of 64 to 68 cents per share, adjusted for between 80 and 82 cents. Analysts had previously expected 70 cents and 82 cents, respectively.
“We delivered solid growth and continued to have strong demand in the first quarter despite a very dynamic supply environment,” said Cisco CEO Chuck Robbins.