Cisco beats quarterly revenue estimates as supply chain pressures ease
Aug 17 (Reuters) - Cisco Systems Inc (CSCO.O) beat quarterly revenue estimates on Wednesday as a COVID-19 recovery in China eased supply chain pressures and helped the company meet demand for its networking hardware.
Cisco, which sells routers, switches and communication tools like WebEx, has seen a jump in orders as businesses revive plans to upgrade their infrastructure after a pandemic-induced pause.
The networking major has also benefited from an ease in supply chain shortages after key manufacturing hub China rolled back strict COVID-19 lockdowns imposed since March.
Cisco said it expects first-quarter revenue to rise between 2% and 4%.
For the fourth quarter, it posted a revenue of $13.1 billion, compared with the $12.73 billion expected by analysts, according to Refinitiv IBES data.
Net income fell to $2.8 billion, or 68 cents per share, from $3 billion, or 71 cents per share, a year ago.