Cisco (CSCO) Q2 earnings

Cisco shares fell 3% in prolonged buying and selling on Wednesday after the corporate reported fiscal second-quarter results that beat analysts’ estimates.

Here are the important thing numbers:

  • Earnings: 77 cents per share, excluding sure gadgets, vs. 76 cents per share as anticipated by analysts, in keeping with Refinitiv.
  • Revenue: $12.01 billion, vs. $11.98 billion as anticipated by analysts, in keeping with Refinitiv.

Cisco stays the dominant participant within the information middle swap market, however the firm has for years been mired in gradual development as a result of the majority of latest spending in IT goes to the big cloud distributors relatively than the legacy {hardware} producers.

“I am incredibly proud of the innovation our teams continue to drive,” CEO Chuck Robbins mentioned in an announcement. “I am confident in our long-term growth opportunities as we help our customers build out the networks for the future.”

The firm mentioned it expects 79 cents to 81 cents in earnings per share, excluding sure, and an annualized income decline of 1.5% to three.5% within the fiscal third quarter.

Revenue for Cisco’s two largest enterprise segments, Infrastructure Platforms and Applications, had been each down 8% 12 months over 12 months, coming in at $6.5 billion and $1.Three billion, respectively. 

Cisco’s inventory has gained simply 5% prior to now 12 months, trailing the almost 22% achieve for the S&P 500 and even additional behind the efficiency of Amazon, Microsoft and Alphabet.

CEO Chuck Robbins told CNBC in November that enormous prospects are pausing spending plans due to international financial uncertainties associated to Brexit and the U.S.-China commerce deal. In Davos final month, on the World Economic Forum, Robbins mentioned in an interview that whereas the home financial system is powerful, “we’ve also seen other indicators that outside the U.S. it’s a little more sluggish.”

WATCH: CNBC’S interview with Cisco CEO Chuck Robbins

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