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Cisco Announces Revenue Down 4%, Shares Drop Afterwards

February 13, 2020 10:57 am

BEIJING (PingWest) — Hardware giant Cisco announced its financial results for Q2 2020 Wednesday, February 12 ETS. The company reported a revenue of $12 billion, down 4% year-over-year. Revenue is slightly better than expected of $11.98 billion by analysts, accordinng to Refinitiv.

Although remaining a giant in the data center switch market, the company has been in flow growth for 4 years.

Earnings per share was 77 cents, excluding certain items, compared with 76 cents per share expected by analysts, according to Refinitiv.

Cisco’s financial results beat analysts’ estimates, but Cisco shares slide 4.5% in extended trading Wednesday after the company reported the financial results.