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Cisco Soars on Cyber Security & Application Software Sales

February 13, 2019 / Joe A

Shares of Cisco Systems jumped 3.87% to $49.34 in after-hours trading on Wednesday after the company reported second-quarter earnings and revenue above estimates of Wall Street analysts. Cisco also improved its quarterly dividend and raised its share buyback program by $15 billion. The manufacturer of networking equipment turned to cyber security and application software to offset slumping sales for its switches and routers as companies rapidly move to cloud services provided by Alphabet Inc., Amazon.com Inc, and Microsoft Corp rather than building their own networks. CSCO Earnings & Outlook Second-quarter net income came to $2.82 billion, or $0.63 per share, up from a loss of $8.78 billion, or $1.78 per share, in the same period last year. Earnings, adjusted for one-time items, were $0.73 per share, beating Refinitiv estimates by a cent.