Friday, May 29, 2020

U.S. sales help Cisco beat estimates

Network equipment maker Cisco Systems reported higher-than-expected quarterly revenue and profit as strong demand for its products in the United States more than offset weakness elsewhere. Shares of Cisco, rose nearly 4 percent in extended trading on Wednesday. The company is the market leader in selling network equipment to businesses, controlling about half of the $38 billion global market and overshadowing rivals Hewlett-Packard and China’s Huawei Technologies, according to market research firm Gartner.

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