Cisco Earnings: CSCO Stock Surges on Earnings, Sales Beat

Shares are up more than 2% after the bell

Cisco (NASDAQ:CSCO) unveiled its quarterly earnings results late today, bringing in a profit and revenue that came in ahead of what analysts called for in their consensus estimate, helping to lift CSCO stock more than 2% after hours Wednesday.

Cisco EarningsThe San Jose, Calif.-based network solutions business reported third-quarter earnings of 78 cents per share on an adjusted basis as the company is now in the home stretch of its fiscal 2019. Analysts were calling for the brand to bring in adjusted earnings of 77 cents per share, according to a survey conducted by Refinitiv.

Cisco added that its revenue for the period came in at $12.96 billion, surpassing the Wall Street consensus estimate for revenue, which was slated to be about $12.89 billion, according to data compiled by Refinitiv. This also marked a 4% gain in sales compared to the year-ago quarter.

The brand also projects that for its fourth quarter of 2019, it will amass revenue that will be between 4.5% and 6.5% higher than during the year-ago quarter, while earnings will be between 80 cents and 82 cents per share. Analysts polled by Refinitiv predict $13.29 billion in revenue, or 3.5% revenue growth, and earnings of 81 cents per share.

CSCO stock is up roughly 2.8% after the bell today off the heels of a strong quarterly earnings performance. Shares had been increasing about 0.8% during regular trading hours in anticipation of the company’s results.

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