For the second quarter in a row, Cisco Systems (CSCO) has posted slightly disappointing earnings numbers. Following cautious optimism before the earnings report after the bell, Cisco posted fiscal 2nd quarter 2011 GAAP earnings of 27 cents per share, below the Zacks Consensus Estimate of 30 cents per share.
Revenues were slightly higher than the Zacks consensus: $10.4 billion in the quarter from the expected $10.3 billion. Net revenues reached $1.52 billion in the quarter, down from $1.85 billion in the year-ago quarter.
Shares ticked up 5 cents (0.22%) during regular trading hours Wednesday, but have plummeted since earnings were reported. CSCO shares are currently down roughly $2 — about 9% — in after-hours trading. After a marginal miss in Cisco’s fiscal 1st quarter 2011, after-market traders punished CSCO stock as well — and further put downward pressure after the company posted weak guidance going forward.
In the past week, 3 of 15 analysts covering Cisco had upwardly revised estimates for both the fiscal 2nd quarter and full fiscal year. The price of CSCO shares had also been climbing gradually through the quarter following the big post-guidance hit after fiscal 1st quarter earnings were reported. Cisco shares were down 9.5% over the past quarter, and that was before the crushing $2 drop per share in the after-market today.
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