Cisco Systems Inc. (Nasdaq: CSCO) shares rose 17.4% to $16.12 Thursday, on analyst upgrades after the networking-equipment maker reported better-than-expected quarter results late Wednesday. Volume for the stock amounted to 119.9 million shares, compared to a daily average of 75.1 million.
A news release put out August 10 stated that Cisco reported fourth quarter net sales of $11.2 billion, net income on a generally accepted accounting principles (GAAP) basis of $1.2 billion or $0.22 per share, and non-GAAP net income of $2.2 billion or $0.40 per share.
Cisco CEO John Chambers was quoted in the same release as saying, “We’ve made significant progress on our comprehensive action plan to position ourselves for our next stage of growth and profitability, while delivering solid financial results in Q4. As we start our next fiscal year, you will see a very focused, agile, lean and aggressive company that is laser focused on helping our customers use intelligent networks to transform their businesses.”
GAAP net income for the fourth quarter and fiscal year 2011 included pretax charges of $772 million and $923 million, respectively, related to restructuring and other charges.
The San Jose-based Cisco is the worldwide leader in networking that transforms how people connect, communicate and collaborate.