© Reuters. FILE PHOTO: A man passes under a Cisco sign at the Mobile World Congress in Barcelona, Spain, February 25, 2019. REUTERS/Sergio Perez

(Reuters) – Cisco Systems Inc (NASDAQ:) narrowly beat fourth-quarter revenue estimates on Wednesday, thanks to higher demand for its cybersecurity and teleconferencing products as offices adapted to hybrid work.

However, shares of the San Jose, California-based company fell 2.2% in extended trading.

Cisco has been heavily investing in its cloud offerings to keep up with the pandemic-fueled surge in demand for its videoconferencing platform Webex, virtual private network AnyConnect and cybersecurity products.

The company’s revenue rose 8% to $13.1 billion in the quarter ended July 31, edging past estimates of $13.03 billion, according to IBES data from Refinitiv.

Net income for the quarter rose to $3 billion, or 71 cents per share, from $2.6 billion, or 62 cents per share, a year ago.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here