Cisco stock drops 5% after outlook disappoints
Cisco Systems Inc. may have topped analyst expectations for the most recently completed quarter late Wednesday, but the networking giant’s weak outlook weighed on shares after hours.
Cisco expects adjusted fiscal second-quarter earnings of 75 cents to 77 cents a share on a 5% to 3% decline in year-over-year revenue. Analysts surveyed by FactSet expect earnings of 79 cents a share and revenue of $12.75 billion, which would be a 2.4% increase from the year-ago quarter. The company reported fiscal first-quarter net income of $2.93 billion, or 68 cents a share, compared with $3.55 billion, or 77 cents a share, in the year-ago period. Adjusted earnings were 84 cents a share.Analysts had forecast earnings of 81 cents a share on revenue of $13.08 billion.
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