- Mike Blake/Reuters
Cisco’s stock shot up 4% in after-hours trading Wednesday after the company announced the end of its multi-quarter decline. The stock hung around $35.40 in after hours trading, after closing at $34.11.
The company posted a steady $12.136 billion in revenue for the first quarter of 2018, compared to the quarter before when Cisco saw $12.133 billion come in. While revenue is still down 2% from the year before, investors were assuaged by the promise of 1% to 3% year-over-year growth in the upcoming second quarter. If Cisco succeeds, the second quarter will finally break the company’s 8-quarter decline streak.
Infrastructure saw $6.97 billion in revenues, down 4% from the same quarter last year. Applications – led primarily by products resulting from Cisco’s $3.7 billion acquisition of AppDynamics – were up 6% to $1.203 billion. Security products were up 8% to $585 million. Other products were down 16% to $296 million. Services – a particular focus moving forward for Cisco – were up 1% to $3.082 billion.
Here are Cisco’s results:
- Revenues (GAAP) were $12.136 billion, compared to analyst estimates of $12.11 billion.
- Earnings per share (adjusted) were $0.61, compared to analyst estimates of $0.60 per share.
- Net income was $2.4 billion, up 3% from the same quarter last year.
- Projected revenues(GAAP) for the second quarter of 2018 are 1% to 3% growth from last year’s $11.6 billion. This is compared to analyst estimates of $11.7 billion.
- Projected earnings per share (adjusted) for the second quarter of 2018 are $0.58 to $0.60, compared to analyst estimates of $0.58.