Radar Movers: Cisco Tops Estimates, Hedge Fund Rotates From Apple to Facebook
Shares of Cisco Systems (NASDAQ:CSCO) fell more than 2 percent in late afternoon trading, despite beating estimates for the its fiscal second quarter. Net income came in at $2.7 billion (51 cents per share), compared to $2.6 billion (47 cents per share) a year earlier. Sales increased 5 percent to $12.1 billion. Analysts expected earnings of 48 cents on revenue of $12.06 billion. “Cisco delivered record earnings per share this quarter and record revenue for the 8th quarter in a row in a challenging economic environment. We continue to drive the innovation, quality and leadership our customers expect, and we remain focused on consistent returns to our shareholders,” said John Chambers, chairman and chief executive officer.