Network gear maker Cisco Systems, Inc. (NASDAQ: CSCO) on Wednesday announced financial results for the fourth quarter of fiscal 2020, reporting a decline in earnings and revenues. However, the numbers topped expectations.
Adjusted earnings decreased to $0.80 per share from $0.83 per share last year. It was much better compared to analysts’ estimates. Net income, meanwhile, rose 19% year-over-year to $2.6 billion or $0.62 per share.
At $12.2 billion, revenues were down 9% from the fourth quarter of 2019, but slightly above the consensus forecast.
The stock declined immediately after the announcement, after closing the regular session higher. Currently, the shares are trading close to the levels seen at the beginning of the year.