Wall Street needed a valentine yesterday, and Cisco stepped up. The technology giant posted its fiscal second quarter numbers yesterday. Revenues of $11.89B were slightly above expectations, while adjusted earnings per share of $0.63 was four pennies on the high side.
But that was just the start. Cisco is going to take advantage of the new tax laws and repatriate some $67B of its foreign currency holdings. With that not-so-minor transfer in the works, the company raised its dividend by 14% and authorized an additional $25B for its stock buyback program. That far outshined the $11.1B charge the company took based on tthose tax laws.
Guidance was for revenue growth of 3-5% year over year in Q3 and non-GAAP earnings per share of $0.64-0.67, both of which were well received by the street. Cisco’s stock is up 7% in the premarket in response.
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