Cisco Systems Inc. (NASDAQ: CSCO) published third-quarter results Wednesday after the closing bell, reporting higher earnings and revenues that topped the Street view.
Adjusted earnings rose to $0.83 per share from $0.79 per share in the third quarter of 2020. Experts had predicted a slightly slower growth. Unadjusted net income, including special items, was $2.9 billion or $0.68 per share, up from last year’s profit of $2.8 billion or $0.65 per share.
Driving the bottom-line growth, third-quarter revenues moved up 7% to $12.8 billion and topped expectations.
Read management/analysts’ comments on Cisco’s Q3 earnings
After gaining about 17% in the past twelve months, Cisco’s shares closed Wednesday’s session lower. The stock lost further during extended trading soon after the announcement.