Cisco beats quarterly revenue estimates as supply chain constraints ease

Cisco forecast current-quarter revenue to grow between 4.5% and 6.5%, while expecting adjusted earnings between 84 cents and 86 cents per share. The company's revenue was $13.63 billion in the first quarter, above analysts' estimates of $13.31 billion, according to Refinitiv data. Excluding items, Cisco earned 86 cents per share.

Cisco Systems Inc beat first-quarter revenue estimates on Wednesday, as easing supply chain constraints and a COVID-19 recovery in China helped meet demand for its broad networking products portfolio, sending the company's shares 5% higher in extended trading.

Easing supply chain snags and Cisco's recent investments in cloud offerings and targeted price hikes have helped the company improve its business and attract customers amid an economic slowdown. Cisco forecast current-quarter revenue to grow between 4.5% and 6.5%, while expecting adjusted earnings between 84 cents and 86 cents per share.

The company's revenue was $13.63 billion in the first quarter, above analysts' estimates of $13.31 billion, according to Refinitiv data. Excluding items, Cisco earned 86 cents per share.