Cisco Systems Stock Falls 9% Despite Strong Q4 Results

(RTTNews) - Cisco Systems, Inc. (NASDAQ: CSCO) shares fell $10.69, or 8.63 percent, to $113.19 despite the company reporting sharply higher fourth-quarter revenue and profit, driven by strong demand across its networking and technology portfolio.

The stock opened at $113.93 and traded between $111.48 and $115.95 during the session. It has traded in a 52-week range of $65.75 to $130.37. Trading volume reached 29.21 million shares, compared with an average daily volume of 24.85 million shares.

Revenue rose 18 percent to $17.25 billion from $14.67 billion a year earlier, while net income increased 51 percent to $3.86 billion, or $0.97 per share, from $2.55 billion, or $0.64 per share. Adjusted net income rose to $4.9 billion, or $1.22 per share, from $4.0 billion, or $0.99 per share.