- Marco Rubio: U.S. at social, moral crossroads
- ‘We’re coming for you, Barack Obama’: Top U.S. official discloses threat from ISIL
- White flags baffle NYPD: ‘We’re lucky it wasn’t a bomb’
- N.Y. Gov. Cuomo’s office interfered with, pressured corruption commission: report
- Brit lawmaker: I would fire on Israel if I lived in Gaza
- VA apologizes to forgotten Marine veteran locked in Fla. clinic, forced to call 911
- U.S. social and economic trends on worrisome track, survey finds
- McDonald nomination unanimously referred to full Senate
- Chuck Norris honorary chairman of NRA voter registration campaign
- GOP outraged Obamacare investigators able to get coverage with fake IDs
Cisco earnings up 8 percent in 1Q
Question of the Day
NEW YORK (AP) - Cisco Systems Inc. said Wednesday that its earnings for the latest quarter climbed 8 percent from last year, providing fresh evidence that business spending on technology continues to recover from the recession.
But new downbeat comments from the company’s CEO on the pace of its customers’ spending helped push shares lower in extended trading. The stock dropped 95 cents, or 3.9 percent, after the results came out.
Chief Executive John Chambers said, “We have seen capital spending moderate in some areas of our business” in a statement after the market close.
That’s after Chambers rattled investors back in August by pointing to “unusual uncertainty” among customers about the economy.
As the world’s biggest supplier of network equipment, Cisco offers a fair reading on the pace of corporate investment.
The company said Wednesday it earned $1.9 billion, or 34 cents per share, in the fiscal first quarter ended Oct. 30. That’s up from $1.8 billion, or 30 cents per share, a year ago.
Stripping out unusual items, it would have earned 42 cents per share. Analysts expected 40 cents.
Revenue rose 19 percent to $10.75 billion, just above the average forecast of $10.74 billion.
But that was still below the $10.95 billion that analysts had predicted for the quarter in August, before the company lowered expectations.
TWT Video Picks
The subsidies are a hit with patients who don't exist
- Obama orders Pentagon advisers to Ukraine
- 'We're coming for you, Barack Obama': Top U.S. official discloses threat from ISIL terrorists
- Hezbollah warring in Syria could join fight against Israel
- Hamas orders civilians to die in Israeli airstrikes
- Obama pressed on Sudanese mother's case, facing death sentence over Christian faith
- Netanyahu's Wikipedia page replaced with giant Palestinian flag
- House task force to recommend National Guard on border, faster deportations
- Democratic Sen. John Walsh plagiarized War College master's thesis: report
- EDITORIAL: Poor Hillary, rock-star wannabe
- Family removed from Southwest flight over tweet about rude agent, dad says
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world
Fighting in Iraq