SAN JOSE, Calif. (AP) _ Cisco Systems Inc. (CSCO) on Wednesday reported a fiscal second-quarter loss of $8.78 billion, after reporting a profit in the same period a year earlier.
On a per-share basis, the San Jose, California-based company said it had a loss of $1.78. Earnings, adjusted for pretax expenses and stock option expense, were 63 cents per share.
The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.
The seller of routers, switches, software and services posted revenue of $11.89 billion in the period, also beating Street forecasts. Nine analysts surveyed by Zacks expected $11.82 billion.
For the current quarter ending in May, Cisco expects its per-share earnings to range from 64 cents to 66 cents.
Cisco shares have climbed almost 10 percent since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 1 percent. In the final minutes of trading on Wednesday, shares hit $42.09, a rise of 30 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CSCO at https://www.zacks.com/ap/CSCO
Automated Insights, source Associated Press News