Cisco Systems soars afterhours on profit beat
Shares of networking gear maker Cisco are up sharply in afterhours trading after the company reported better than expected quarterly results.
Cisco, which as been struggling to regain its dominance in networking ever since its peak in the dot-com boom, reported an adjusted quarterly profit of 51 cents a share, topping expectations by 6%, says S&P Capital IQ.
Revenue of $11.5 billion also came in ahead of expectations, beating projections by nearly 2%.
Shares of Cisco are trading up nearly 7%, or $1.57, to $22.81 in afterhours trading.
While investors are relieve the company's results are better-than-expected, Cisco is still struggling to regain its swagger as demand for Internet gear change and the field is more competitive. The company's revenue is down 5.5% from the same period a year ago. And the company's per-share profit following accounting rules is down nearly 9% from the same period in 2013.
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