Cisco Systems Inc. blew away expectations for revenue growth in the holiday quarter, and executives predicted stronger growth in a revised annual forecast that sent shares more than 7% higher in after-hours trading Wednesday.
Analysts surveyed by FactSet on average expected adjusted net income of 85 cents a share on revenue of $13.42 billion. Shares climbed more than 7% in after-hours trading following the results, after closing up 1.6% in regular trading Wednesday at $48.45. “With Cisco’s strong Q2 performance, our fiscal 2023 is shaping up to be a great year,” Chief Executive Chuck Robbins said in a statement Wednesday.
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