Following today's market close, technology giant Cisco Systems (NASDAQ: CSCO) had its chance to impress Wall Street with its fiscal first quarter results, and the company did not disappoint.Going into this afternoon's earnings report, analysts had been expecting to see the company show earnings of 31 cents per share, but the company surprised to the upside by posting actual earnings of 36 cents per share for its fiscal first quarter. For the same period last year the company had earnings of 42 cents per share.
Sales were down 9% from the same period last year at $9 billion, but were higher than the $8.74 billion that analysts had been expecting.
The company's CEO, John Chamber, stated that the future is looking good for the company. He stated that an improving economy, along with solid execution has created an "unparalleled opportunity to drive more value into the core of the network."
Cisco also announced that they were adding up to $10 billion more to their share buyback plan.
Shares traded higher in today's session, picking up 1.6% and have continued to move higher in after hours trading as this afternoon's strong earnings have pushed shares up an additional 3.6%.
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