Cisco Shares Surge To 9-Month High As Report Shows Progress |
| Wall Street Journal - Nov 10, 2011 |
Cisco Systems Inc. (CSCO) shares rose to a nine-month intraday high Thursday on an earnings report that suggested the networking firm's restructuring set it in the right direction.
The maker of network communications gear such as routers and switches reported fiscal second-quarter earnings and revenue that topped its expectations late Wednesday and gave a relatively upbeat forecast. Executives said the company is benefiting from trends such as the growth of mobile data and cloud computing, which allows server storage and applications to be delivered over networks as a service.
But Cisco also acknowledged economic and competitive challenges remain--such as continued weakness in its core operations and in spending by governments--as it seeks to build on initial success growing its recently refocused business.
"We're taking this one quarter at a time," Chief Financial Officer Frank Calderoni said on a conference call Wednesday. "With the backdrop of the macro environment, especially for the back half of the year, it's challenging at this point to get too aggressive as far as expectations."
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- Posted: 2011-11-10 14:05:05
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