Why Cisco Systems Stock Was Up Thursday
Shares of Cisco Systems (NASDAQ: CSCO) were up 4% as of 11:07 a.m. ET on Thursday after an upbeat second-quarter earnings report.
Revenue and earnings beat Wall Street estimates, and management had some positive comments about the direction of near-term business trends that lifted investor confidence in the networking leader.
Cisco said revenue increased by 16% year over year, with adjusted earnings per share up 37%. Results were boosted by Cisco's ongoing transformation to a more software-oriented business. Software revenue surged 17%, while subscription revenue grew 20% over the year-ago quarter.
Source Fool.com
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