Cisco Systems Pulls A Rabbit From The Tech Hat (CSCO)
Cisco Systems (NASDAQ: CSCO) has come out with earnings after the close and shares are initially up on the news. The company posted $0.38 non-GAAP EPS on revenues of $9.8 Billion. Both numbers are ahead of First Call targets of $0.36 and $9.75 Billion.
Cash flows from operations were $3.0 billion, while cash and equivalents were $24.4 billion. In the quarter, Cisco repurchased 83 million shares of common stock with an average purchase price of $24.04 per share (roughly $2 Billion spent).
Guidance has been held until the conference call.
Shares closed up 0.2% at $26.33 in normal trading, and so far shares are up about 2.3% at $26.95 in after-hours trading.
Jon C. Ogg
May 6, 2008