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.
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