Cisco reported better-than-expected results for the latest quarter but revenue continues to shrink.
Cisco's quarterly results surpassed expectations, and the company pushed up its full-year revenue target.reported a fourth straight quarter of declining revenue even as results topped analysts' estimates. The stock slipped about 1% in extended trading.. Net income fell to $2.71 billion, or 68 cents per share, from $3.64 billion, or 89 cents per share, in the same quarter a year ago.
Security revenue doubled to $2.02 billion, topping the StreetAccount consensus of $1.93 billion. Cisco's revenue from collaboration was $1.09 billion, a bit below the $1.04 billion consensus estimate.Chuck Robbins, Cisco's CEO, said on a Wednesday conference call that orders from large-scale clients for artificial intelligence infrastructure exceeded $300 million in the quarter.
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