Cisco Systems Shares Plunge 1.6% Amid Strong Earnings

Cisco Systems (NASDAQ:CSCO) shares took a hit on Friday, dropping 1.6% during mid-day trading.

The company's stock traded as low as $110.06 and closed at $111.68, with approximately 29.34 million shares changing hands, a 23% increase from the average daily volume of 23.77 million shares.

This decline comes despite the network equipment provider's strong Q4 earnings report, which saw revenue reach a record high of $17.3 billion, an 18% year-over-year increase.

Cisco also beat analyst estimates with non-GAAP EPS of $1.22, exceeding the consensus estimate of $1.17.