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Ahead of the Cisco Systems’ (NASDAQ:CSCO) second-quarter earnings release, Topeka Capital Markets analyst Brian White presented a modestly bullish case for the company’s impending report in a Tuesday research note, in which he predicted that profit and earnings would hit slightly below the Street’s consensus estimate and show “strong execution but not strong markets.”
Cisco definitely showed strong execution when it reported that profits soared 44 percent on Wednesday after the market closed.
White had predicted Cisco to post revenue of $11.96 billion, slightly below the Street’s forecast of $12.06 billion, and generate earnings per share of 47 cents, compared to the Street’s estimate of 48 cents. Instead, the networking equipment manufacturer reported net income of 3.14 billion, or 59 cents a share, an increase from 2.18 billion, or 40 cents a share, in the year-ago quarter. Revenue was also up, climbing 5 percent to $12.1 billion…
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