Cisco Beats Earnings Forecasts, But Falls On Light Guidance

Cisco Systems Inc. fell in late trading Thursday despite beating earnings expectations, as the company predicted profits in the current quarter below analyst forecasts. Cisco reported net income of $2.4 billion, or 48 cents a share, on sales of $12.7 billion in the first quarter under Chief Executive Chuck Robbins; after adjustments, Cisco claimed profits of 59 cents a share. A FactSet survey found average analyst expectations for adjusted profit of 56 cents a share and revenue of $12.65 billion. The company's guidance for the current quarter was for adjusted profits of 53 cents to 55 cents a share, while analysts on average project earnings of 56 cents a share. Cisco shares fell more than 3% in immediate late trading, after closing with a 0.1% gain.