Cisco's stock drops despite earnings, revenue beat
Even though Cisco's quarterly results topped estimates, they weren't good enough to satisfy Wall Street.
TL;DR
- Cisco's shares fell in extended trading despite surpassing earnings and revenue estimates.
- The company reported adjusted earnings per share of $1.22 against an expected $1.17, and revenue of $17.25 billion against an expected $16.82 billion.
- Infrastructure orders from hyperscalers (internet giants driving AI spend) reached $4 billion in the quarter.
- Cisco projects revenue for the current quarter between $18 billion and $18.2 billion, exceeding the $16.8 billion average estimate.
- Revenue increased by 18% year-over-year, and net income rose 51%.