CSCO: Post Market Earning Scan

Cisco Systems Inc. which is also known as CSCO on the Nasdaq is a global leader in networking. This company registered an 18 percent decline in its Q3 net income to $1.8 billion which is 33 cents per share. This is down from $2.2 billion or 37 cents per share. This decline happened in only 1 year.

cscoWall Street expectations were that the net sales would rise 5 percent to $10.9 billion during the quarter and they were right. During the quarter the company’s non-GAAP net income fell 5.1 percent to $2.3 billion which is 42 cents per share. It had previously been at $2.5 billion or 42 cents per share. Analysts had been forecasting EPS of 37 cents on non-GAAP basis.

Shares gained 3.37 percent or 61 cents and this had them trading at $18.38 in the after-hours trading. Wednesday there was a conference call for CSCO. The executives were laying out their plans to make the business over. This includes plans to reduce expenses by in the next fiscal year by $1 billion.

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