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Cisco beats quarterly revenue estimates as supply chain constraints ease

Published 11/16/2022, 04:18 PM
Updated 11/16/2022, 04:20 PM
© Reuters. FILE PHOTO: A man passes under a Cisco logo at the Mobile World Congress in Barcelona, Spain February 25, 2019. REUTERS/Sergio Perez/File Photo
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(Reuters) -Cisco Systems Inc beat first-quarter revenue estimates on Wednesday, as easing supply chain constraints and a COVID-19 recovery in China helped meet demand for its broad networking products portfolio, sending the company's shares 5% higher in extended trading.

Easing supply chain snags and Cisco (NASDAQ:CSCO)'s recent investments in cloud offerings and targeted price hikes have helped the company improve its business and attract customers amid an economic slowdown.

Cisco forecast current-quarter revenue to grow between 4.5% and 6.5%, while expecting adjusted earnings between 84 cents and 86 cents per share.

© Reuters. FILE PHOTO: A man passes under a Cisco logo at the Mobile World Congress in Barcelona, Spain February 25, 2019. REUTERS/Sergio Perez/File Photo

The company's revenue was $13.63 billion in the first quarter, above analysts' estimates of $13.31 billion, according to Refinitiv data.

Excluding items, Cisco earned 86 cents per share.

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