Cisco Systems (NASDAQ:CSCO) stock headed nearly 6% higher at Thursday’s open after its second-quarter results exceeded market expectations.
Net income came in at US$2.8bn on US$13.59bn of revenues with earnings per share reported at $0.88 per share beating consensus forecasts for US$13.42bn of revenue and $0.85 per share.
It gave guidance for $0.96 to $0.98 per share, with revenue in the range between US$14.25bn to US$14.5bn representing an upgrade above prior market consensus which was pitched at $0.89 or US$13.58bn.
"With Cisco's strong Q2 performance, our fiscal 2023 is shaping up to be a great year," chief executive Chuck Robbins said.
“The modern, highly secure networks we are building serve as the backbone of our customers' technology strategy. This, combined with the success of our ongoing business transformation and operational discipline gives me confidence in our future."
In New York, Cisco stock was trading at US$51.10 per share in early dealing.