Cisco beats quarterly revenue estimates on hybrid work demand

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However, shares of the San Jose, California-based company fell 2.2% in extended trading.

Cisco has been heavily investing in its cloud offerings to keep up with the pandemic-fueled surge in demand for its videoconferencing platform Webex, virtual private network AnyConnect and cybersecurity products.

The company’s revenue rose 8% to $13.1 billion in the quarter ended July 31, edging past estimates of $13.03 billion, according to IBES data from Refinitiv.

Net income for the quarter rose to $3 billion, or 71 cents per share, from $2.6 billion, or 62 cents per share, a year ago.

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