Cisco tops Q2 targets with revenue of $12.4 billion
![natalie-gagliordi-author.jpg](https://www.zdnet.com/a/img/resize/683cf193d63ac9f8971ad54ca45bc6311e987809/2014/04/25/77b24d5e-1175-11e4-9732-00505685119a/natalie-gagliordi-author.jpg?auto=webp&fit=crop&frame=1&height=192&width=192)
Featured
Cisco delivered in-line second quarter financial results Wednesday after the bell. The tech giant reported a net income of $2.8 billion, or 63 cents per share. Non-GAAP earnings were 73 cents per share on a revenue of $12.4 billion, up 7 percent year over year. A year ago, Cisco earned 63 cents a share on sales of $11.9 billion.
Also: Best Presidents' Day 2019 sales
Wall Street was looking for earnings of 72 cents per share with $12.4 billion in revenue. Cisco's shares were up nearly 4 percent after hours.
For the current quarter, Wall Street is looking for non-GAAP earnings of 76 cents per share with $12.84 billion in revenue. Cisco responded with a revenue outlook that ranges from a 4 percent to 6 percent increase, with EPS between 76 cents a share and 78 cents a share.
Cisco's revenue by segment breaks revenue down in the following categories: infrastructure platforms, applications, security, services and other. Infrastructure platforms revenue was up 6 percent to $7.13 billion; applications revenue was up 24 percent to $1.5 billion; security revenue was up 18 percent to $658 million; and other products revenue was $22 million, down 91 percent.
Cisco's board of directors also approved a $15 billion increase to the authorization of the company's stock repurchase program.
"We are very pleased with our strong performance in the quarter," said Cisco CEO Chuck Robbins, in a statement. "Our teams are executing incredibly well, aggressively transitioning to a software model and accelerating our pace of innovation."