Cisco Systems, Inc. (NASDAQ:CSCO) reported positive quarterly earnings results after hours Wednesday as revenue totals surged year-over-year.
The company’s revenue for its second quarter of fiscal 2018 came in at $11.89 billion, a 3% surge compared to the year-ago quarter. Analysts polled by Thomson Reuters were calling for revenue of $11.81 billion.
On the earnings front, the company posted a net loss of $8.8 billion, compared to a year-ago profit of $2.3 billion. Cisco Systems was hit hard by an $11.1 billion charge related to the change in U.S. tax laws, $9 billion of which were linked to the transition tax.
On an adjusted basis, net income rose to $3.1 billion from $2.9 billion, while earnings went up 11% year-over-year to 63 cents per share. The Wall Street consensus estimate predicted adjusted earnings of 59 cents per share, according to Thomson Reuters.
Cisco Systems’ infrastructure platforms, which includes switches for data centers, experienced a 2% revenue growth that reached $6.69 billion, topping analysts’ guidance of $6.62 billion, according to StreetAccount.
The company’s Product revenue came in at $8.71 billion, a 2.6% increase year-over-year, while Cisco Systems tallied up revenue of $3.18 billion, popping 2.9% year-over-year.
For its fiscal third quarter, the company sees earnings as being in the range of 64 cents to 66 cents per share on an adjusted basis. Analysts are calling for adjusted earnings of 63 cents per share, per Thomson Reuters.
Revenue is slated to grow between 3% and 5% compared to the year-ago quarter.
CSCO stock soars 5.8% after the bell Wednesday.