Cisco Adds 5% In Pre-market As Quarterly Earnings Beat Street

Shares of Cisco Systems, Inc. (CSCO) are up more than 5% in pre-market on Thursday after reporting better-than-expected earnings in the fourth quarter.

Excluding items, Cisco reported earnings of $3.4 billion or $0.83 per share for the period, that beat the average estimate of analysts polled by Thomson-Reuters of $0.82 per share.

Net earnings in the fourth quarter decreased to $2.8 billion, or $0.68 per share from $3.0 billion, or $0.71 per share, in last year’s fourth quarter.

Revenue for the quarter was $13.1 billion, flat year over year.

Looking forward to the first quarter, the company expects adjusted earnings to be in the range of $0.82 per share-$0.84 per share, with a revenue growth of 2%-4% year over year.

The consensus estimate for earnings for the fist quarter stands at $0.84 per share.

For the full year, adjusted EPS is expected to be in the range of $3.49-$3.56 and revenue growth of 4%-6% year over year. Analysts see earnings of $3.53 per share on a revenue growth of 2.6% for the year.

“Full year product orders and backlog are both at record highs and reflect the strong demand we continue to see for our innovation and the overall value we bring to our customers as they accelerate their digital transformation” said Chuck Robbins, chair and CEO of Cisco.

CSCO closed at $46.66, down 0.24% on Wednesday. It has traded in the range of $40.82-$64.29 in the past 52 weeks.

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