Cisco Systems (CSCO) reported fiscal second-quarter results that topped analysts’ expectations and raised its full-year guidance, sending shares higher in extended trading Wednesday.
The networking-equipment provider posted revenue of $14 billion, up 9% year-over-year and above the analyst consensus tracked by Visible Alpha. Cisco’s adjusted earnings rose to $3.8 billion, or 94 cents per share, from $3.5 billion, or 87 cents per share, a year earlier, also topping expectations.
Cisco said the gains came as artificial intelligence infrastructure orders exceeded $350 million in the quarter, bringing its total to roughly $700 million for the first half of the fiscal year.
The company’s board also approved a $15 billion increase to Cisco’s stock repurchase program, and raised its quarterly dividend 3% to 41 cents per share.
Looking ahead, Cisco raised its full-year revenue forecast to between $56 billion and $56.5 billion from a prior estimate of $55.3 billion to $56.3 billion. It now anticipates adjusted earnings per share of $3.68 to $3.74, up from $3.60 to $3.66 previously.
Shares of Cisco surged close to 7% in extended trading following the release. The stock has added about 24% over the past 12 months through Wednesday’s close.
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