Shares of network equipment maker Cisco Systems were up Thursday after the company delivered better than expected quarterly profit and sales.
Cisco (CSCO) stock was up 4% to $27.80.
On Wednesday, the San Jose-based company reported third-quarter adjusted net income of $2.9 billion, or 57 cents per share, compared to $2.8 billion and 54 cents in the same period a year ago. Analysts polled by S&P Global Market Intelligence had forecast adjusted net income of $2.8 billion, or 55 cents per share.
Revenue of $12 billion surpassed expectations of $11.9 billion.
With increased software sales and recurring subscription revenue, the company said it expects fourth-quarter revenue to be up 0% to 3%.
Salesforce shares (CRM) were also up 4% to $80.91 Thursday. The San Francisco-based cloud-based CRM (customer relationship management) giant also beat S&P Global Market Intelligence forecasts with adjusted net income of $167.5 million, or 24 cents per share, compared to $108.34 million, or 16 cents in the same period last year. Analysts had expected $160.7 million, or 23 cents.
Revenue of $1.92 billion was up 27% from a year ago, with Saleforce’s app-cloud business growing more than 45%. The company improved its full-year revenue forecast to $8.16 billion-to-$8.20 billion, up from $8.08 billion-to-$8.12 billion.
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