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Cisco raises annual earnings forecast on strong demand for 5G gear -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Man passes beneath a Cisco logo on the Mobile World Congress, Barcelona, Spain. February 25, 2019. REUTERS/Sergio Perez/File Photo

(Reuters] – Cisco Systems Inc. (NASDAQ:), Wednesday increased its full year earnings forecast. It also reported quarterly revenue that was higher than expected due to stronger demand for 5G and enterprise communication tools. Shares jumped 4% in extended trading.

To keep up with the surge in demand for Webex videoconferencing platform, virtual private networks, and other cybersecurity products due to pandemic, the company has invested heavily in cloud services.

Network giant Cisco projects fiscal 2022 adjusted earnings of between $3.41 to $3.46 per share, as compared to its previous projections of $3.38 or $3.45.

The revenue forecast is for growth of 5.5%-6.5%. This is less than the previous forecast of 5%-7%.

Revenue rose 6% to $12.72 Billion in the second quarter. Refinitiv data shows that analysts expected an average of $12.65 Billion in revenue, according to IBES data.

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