Investing.com - Cisco (NASDAQ:CSCO) reported on Wednesday first quarter earnings that beat analysts' forecasts and revenue that fell short of expectations.
Cisco announced earnings per share of 82 cents on revenue of $12.9 billion. Analysts polled by Investing.com anticipated EPS of 80 cents on revenue of $12.98 billion.
Cisco shares are up 26% from the beginning of the year, still down 5.74% from its 52 week high of $60.27 set on August 25. They are under-performing the Nasdaq 100 which is up 26.53% from the start of the year.
Cisco shares lost 7.52% in after-hours trading following the report.
"In Q1, we had robust growth and continued strong demand despite the very dynamic supply environment," said Chuck Robbins, chair and CEO of Cisco.
"Cisco's technology sits at the heart of the accelerated digital transformation happening today. Our breakthrough innovation, strong demand, and the success of our business transformation position us well for another year of growth in fiscal 2022."
Looking ahead, Cisco estimates that adjusted EPS will be between 80 cents to 82 cents for the second quarter of fiscal 2022, with revenue seeing 4.5% to 6.5% growth year-over-year.
For the full-year fiscal 2022, the company estimates that adjusted EPS will be between $3.38 to $3.45, with revenue seeing between 5% and 7% growth during the period.
Cisco follows other major Information Technology sector earnings this month
Cisco's report follows an earnings beat by Microsoft on October 26, which reported EPS of $2.27 on revenue of $45.32 billion, compared to forecasts EPS of $2.08 on revenue of $44 billion.
Apple had matched expectations on October 28 with fourth quarter EPS of $1.24 on revenue of $83.36 billion, compared to forecast for EPS of $1.24 on revenue of $85.05 bilion.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar