Investing.com – Shares of Cisco Systems Inc (NASDAQ:CSCO) fell more than 5.5% in after-hours trade on Wednesday, after the networking giant reported fiscal third-quarter earnings that beat on both the top and bottom lines but forward guidance sagged.
Cisco posted earnings of $0.60 per share on $11.94 billion in revenue against analysts’ expectations of earnings of $0.58 per share on $11.89 billion in revenue.
The bullish earnings report was offset by a weaker than expected outlook, as the networking giant said that revenue for the current quarter would decrease 4% to 6% year-over-year, indicating total revenue of $11.9 billion to $12.1 billion, below analysts’ forecasts of $12.5 billion.
Despite the weaker forward guidance, Cisco CEO Chuck Robbins said he was "pleased with the progress” that company is making on the multi-year transformation of the business.
Cisco traded at $31.96, down 5.5%, in after-hours trade.