Cisco Systems posted solid fiscal fourth-quarter results Wednesday, sending the computer networking gear maker's shares higher in aftermarket trading.
Cisco said revenue from its collaboration and data center businesses improved. The seller of routers, switches, software and services said it's selling more subscription-based and software products. The San Jose, California-based company's net income and revenue both surpassed analyst estimates.
Shares of Cisco Systems Inc. added $1.05, or 3.8 percent, to $28.95 in aftermarket trading.
The company said its net income rose 3 percent to $2.32 billion, or 45 cents per share.
Excluding one-time charges and gains, the company said it earned 59 cents per share. Sales rose 4 percent to $12.84 billion.
Analysts expected net income of 56 cents per share and $12.66 billion in revenue, according to Zacks Investment Research.
The quarter also marked a change for Cisco because it was the company's last one with John Chambers as CEO. After 20 years in the position, Chambers stepped down on July 26 and longtime executive Chuck Robbins became CEO. Chambers remains chairman of the company.
Cisco forecast an adjusted profit of 55 cents to 57 cents per share on to $12.49 billion to $12.73 billion for the current quarter.
Analysts expect 56 cents per share and $12.54 billion, according to FactSet.
Cisco shares are up 11 percent over the last 12 months and closed at $27.90 on Wednesday.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CSCO at http://www.zacks.com/ap/CSCO
Keywords: Cisco Systems, Earnings Report