Cisco Earnings, Revenue Beat in Q2 By Investing.com

By Yasin Ebrahim

Cisco (NASDAQ:CSCO) reported on Tuesday second quarter earnings that beat analysts’ forecasts and revenue that topped expectations.

Cisco fell 3% following the report.

Cisco announced earnings per share of 79 cents on revenue of $11.96 billion. Analysts polled by Investing.com anticipated EPS of 75 cents on revenue of $11.92 billion.

“We are seeing encouraging signs of strength across our business showing how our technology will be a powerful engine for recovery and growth,” said Chief Executive and Chairman Chuck Robbins.

Product revenue, which accounts for the bulk of overall revenue, fell 1.1% in the quarter year on year, while services added 1.6%.

Cisco declared a quarterly dividend of 37 cents per common share, a 1 cent increase or up 3% over the previous quarter’s dividend.

Looking to Q3, the company guided EPS of 80 cents to 82 cents on revenue growth of 3.5% to 5.5% year-on-year. The compared with estimates for EPS of 81 cents.

Cisco said it expected to close its $4.5 billion acquisition of Acacia, a fabless semiconductor company, during Q3.

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar