Cisco have announced their results for the company's most recently quarter, where they revealed earnings that beat analysts expectations. Cisco is cautiously optimistic regarding the future, but maintains that its too early to call the most recent streak a trend.
Cisco notes that the European market is something of a challenge for the company going forward. The router maker posted $11.7 billion in revenue for the three months, up 4% from the year-earlier quarter. From the $11.7 billion, Cisco took $2.5 billion in operating profit, or 47 cents per share. Wall Street analysts pegged the company to do around $11.6 billion in revenue for the quarter.
The company cited strong Asian demand on their products and services, in particular, China. Cisco saw improvement in the US market, but the European market with its on-going economic problems, saw demand for Cisco-based gear drop. Cisco expects that the on-going financial crisis in Europe will continue to see Cisco orders drop in that part of the world. In order to keep the trend of nice profits, Cisco plans on cost-cutting which they've been doing for quite a while now. This will involve significant job cuts and a refocusing of the company's efforts.
Last updated: Jun 16, 2020 at 04:29 pm CDT
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