Router and video infrastructure giant Cisco (NASDAQ:CSCO) posted better-than-expected quarterly numbers for the period ending October 24, its first fiscal of the year. Revenue fell 13% to $9 billion. EPS was $.39, down 19%. Cisco’s stock rose almost $1 to $24.17.
The company’s surprise announcement was that it will buy back $10 billion of stock. Cisco has as much M&A activity as any large tech company in the world. The idle cash being used for the buyback must not be needed for future acquisitions. Cisco’s board had previously authorized up to $62 billion in stock repurchases.
Gross margins for the period rose slightly to 65.2% from 64.7%. The company seemed pleased. “Cisco’s strong first quarter results represent two quarters of sequentially positive revenue growth and demonstrate our ability to execute on our innovation and operational excellence priorities,” said Frank Calderoni, Cisco chief financial officer.
Douglas A. McIntyre
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
