Adam Galica | CNC
Chuck Robbins, CEO of Cisco, speaks at the 2019 WEF in Davos, Switzerland on January 23, 2019.
Cisco shares rose in extended trading Wednesday after the network equipment manufacturer reported quarterly revenues and revenues beating analysts' estimates.
Applications revenue, including AppDynamics and WebEx, came in at $ 1.47 billion , $ 1.35 billion FactSet peaked consensus estimate Revenue was $ 658 million and hit the $ 629 million estimate.
Cisco said it expects revenue from the third quarter to increase 4 percent to 6 percent and for adjusted earnings come in at 76 cents to 78 cents per share. Analysts expect that the forecast assumes 77 cents per share, except for some items, according to Refinitiv.
Cisco's board approved a $ 15 billion increase in the company's share purchase program, giving the total amount it can buy back to $ 24 billion. Cisco also increased its quarterly dividend by 6 percent to 35 cents per share.
In the quarter, the Cisco announced the acquisition of Luxtera for $ 660 million and a partnership with Amazon Web Services.
Managers will discuss the results with analysts at 4am: 30.00 hours Eastern time.
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