Cisco beats quarterly revenue estimates on hybrid work demand By Reuters
© Reuters. FILE PHOTO: A man passes under a Cisco sign at the Mobile World Congress in Barcelona, Spain, February 25, 2019. REUTERS/Sergio Perez
(Reuters) – Cisco Systems Inc (NASDAQ:) narrowly beat fourth-quarter revenue estimates on Wednesday, thanks to higher demand for its cybersecurity and teleconferencing products as offices adapted to hybrid work.
However, shares of the San Jose, California-based company fell 2.2% in extended trading.
Cisco has been heavily investing in its cloud offerings to keep up with the pandemic-fueled surge in demand for its videoconferencing platform Webex, virtual private network AnyConnect and cybersecurity products.
The company’s revenue rose 8% to $13.1 billion in the quarter ended July 31, edging past estimates of $13.03 billion, according to IBES data from Refinitiv.
Net income for the quarter rose to $3 billion, or 71 cents per share, from $2.6 billion, or 62 cents per share, a year ago.
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