Cisco Systems’ stock surges 4.4% premarket after Q2 results late Wednesday

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Cisco stock rises on earnings beat, outlook

Cisco Systems Inc. shares rose in the extended session Wednesday after the network giant’s quarterly results topped Wall Street estimates for the quarter. Cisco shares rose 2.8% after hours, following a 0.8% decline to close the regular session at $47.50. The company reported fiscal second-quarter net income of $2.82 billion, or 63 cents a share, compared with a loss of $8.78 billion, or $1.78 a share, in the year-ago period. Adjusted earnings were 73 cents a share. Revenue rose to $12.45 billion from $11.89 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 72 cents a share on revenue of $12.42 billion. For the third quarter, Cisco expects earnings of 76 cents to 78 cents a share on 4% to 6% year-over-year revenue growth, or $12.96 billion to $13.21 billion. Analysts estimate earnings of 76 cents a share on revenue of $12.84 billion. Also, Cisco announced its board authorized a 6% quarterly dividend hike to 35 cents a share, and a $15 billion increase to the company’s share buyback program.

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