Cisco Earnings Crush Expectations, But Shares Plummet Anyway

Cisco Systems (CSCO) reported better-than-expected earnings and revenue for its second fiscal quarter, but shares fell despite the positive results. The company's net income came in at $3.14 billion, a 13% increase from the same period last year. Revenue also beat estimates, rising to $14.44 billion.

Cisco's quarterly performance was strong, with earnings per share (EPS) of $0.84 beating analyst expectations by a penny. The company's revenue outlook for the next quarter is also above estimates, at $14.35 billion to $14.55 billion. However, this didn't seem to impress investors, who sent shares down 4% in after-hours trading.

Cisco's CEO, Chuck Robbins, hasn't commented on the company's performance or the decline in share price. The tech giant has been navigating a challenging market environment, with supply chain disruptions and economic uncertainty affecting many industries.