Cisco (CSCO) Stock Gains on Third Quarter Results
Shares of Cisco Systems Inc. (CSCO) were up +1.51 or +6.62 percent to $24.32 per share in pre-market trading this morning, after the company reported solid third quarter earnings yesterday after the market close. The company reported non-GAAP earnings of $0.51 per share, versus an analyst consensus of $0.48 per share. Cisco stock closed at $22.81, down -0.05 or 0.22 percent in Wednesdayâ s regular trading session.
San Jose, California based Cisco Systems Inc. is a transnational corporation involved in the design, manufacture and sale of Internet Protocol or IP networking equipment. Founded in 1984, the company has grown to have 75,000 employees worldwide with revenue of $48.6 billion and net income of $11.2 billion in 2013. Cisco stock is a component of the Dow Jones Industrial Average, the S&P 500 Index, the Russell 1000 and 1000 Growth Stock Indexes and the Nasdaq-100. Cisco reported revenue of $11.5 billion for the quarter ended on April 26th, and GAAP net income of $2.2 billion or $0.42 per share. Non-GAAP income was $2.6 billion or $0.51 per share. This compares to 2013 results of $12.2 billion in revenue, a decline of -5.5 percent, while net income was -12.0 percent lower from $2.5 billion in 2013. Analysts expected a decline of -7 percent on revenue to $11.38 billion. Revenue so far this year was $34.8 billion, versus $36.2 billion last year. Net income came to $5.6 billion or $1.06 per share on a GAAP basis, versus $7.7 billion or $1.44 per share in the first nine months of 2013. On a non-GAAP basis, net income for the first nine months of 2014 came to $8.0 billion, or $1.51 per share, versus $8.0 billion or $1.50 per share for the same period last year. John Chambers, Ciscoâ s Chairman and Chief Executive Officer told analysts in a conference call after the earnings release that, â
Published on May 15, 2014
By Jay Hawk