Cisco Profit Jumps 79 Percent
Cisco Systems Inc. (CSCO) said fiscal fourth-quarter profit jumped 79 percent on rebounding revenue, although margins slid for the second consecutive quarter.
Shares fell 5.2 percent to $22.57 in after-hours trading Wednesday as revenue growth, which was in line with the company’s May target, fell short of analysts’ latest average expectation. Shares were off 58 cents at $23.73 in 4 p.m. trading on the Nasdaq Stock Market.
“Whether the global economy continues to show mixed signals or not—the strength of our financial model and profit generation serves us well,” Chief Executive Officer John Chambers said in a statement.
