Cisco Shares Fall After Weak Guidance

Cisco Systems, Inc. (NASDAQ: CSCO) shares are falling despite reporting a first-quarter earnings beat. Adjusted earnings came in at 84 cents per share, beating estimates by 3 cents. Sales came in at $13.2 billion, beating estimates by $120 million.

Benzinga · 11/13/2019 21:23

Cisco Systems, Inc. (NASDAQ: CSCO) shares are falling despite reporting a first-quarter earnings beat.

Adjusted earnings came in at 84 cents per share, beating estimates by 3 cents. Sales came in at $13.2 billion, beating estimates by $120 million.

The company issued second-quarter earnings guidance of 75-77 cents versus a 79 cent estimate, and sees sales down 3% to 5% year-over-year.

"We delivered a solid quarter against a challenging macro environment," said Chuck Robbins, chairman and CEO of Cisco. "We're focused on continuing to drive innovation, transform our business and exceed our customers' expectations."

Highlights

  • Revenue growth of 2% year-over-year
  • Non-GAAP EPS increased 12% year-over-year

Cisco shares are down 4% in Wednesday's after-hours session. The stock closed at $48.46 per share.

Photo credit: Prayitno