Cisco’s quarterly revenue drops below expectations, shares rise
Cisco Systems Inc’s first-quarter revenue dropped below expectations, the telecom equipment maker reported on Thursday. This followed after demand was supported by a large number of people in need of teleconferencing tools, networking equipment, and cybersecurity products for their work-from-home setup.
The company’s revenue had seen a 9% decline to $11.93 billion in the quarter ended Oct.24. The figure came milder than analysts’ expectations for a drop worth $11.85 billion, IBES data from Refinitiv showed. More so, its shares recorded a nearly 9% increase.
Following the implementation of coronavirus-related restrictions, demand for the company’s videoconferencing platform Webex, virtual private network AnyConnect, and cybersecurity products advanced since people are restricted from reporting at their offices.