Cisco Systems Inc on Wednesday raised its full-year earnings forecast and reported quarterly revenue above expectations on strong demand for its enterprise communication tools and 5G gear, sending its shares up 4% in extended trading.
The company, which sells routers, switches, security services and software products, has been heavily investing in its cloud offerings to keep up with the pandemic-fueled surge in demand for its videoconferencing platform Webex, virtual private network and cybersecurity products.
The networking giant forecast fiscal 2022 adjusted earnings between $3.41 and $3.46 per share, compared with its prior projection of $3.38 and $3.45.
Revenue is expected to grow between 5.5% to 6.5%, tighter than its prior forecast of 5% to 7%.
For the second quarter revenue rose about 6% to $12.72 billion. Analysts on average had expected revenue of $12.65 billion, according to IBES data from Refinitiv.
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