Cisco Systems, Inc. (NASDAQ:CSCO) announced second quarter financial results for the period closed January 27, 2018. The second quarter revenue came at $11.9 billion, net loss on a GAAP basis of $(8.8) billion and non-GAAP net income was $3.1 billion.
Chuck Robbins, the CEO and Chairman of Cisco, expressed that they had a strong quarter which exhibits that their strategy is working. Their business is growing, they have a strong innovation pipeline, their balance sheet is amazing and they have a team that`s performing incredibly well. The network is extremely important to business success than ever, as well as latest intent-based networking portfolio is showing great momentum counting the fastest ramping new offering in their history.
Cisco has announced a quarterly dividend of $0.33 a common share, a 4-cent jump or up 14% as compared to the dividend payout in the previous quarter. The dividend will be paid on April 25, 2018 as of shareholders as of record date April 5, 2018. Future payouts will be based on Board approval. The company’s board of directors has even permitted a $25 billion jump to the authorization of the stock repurchase plan. There exists no fixed termination date for the reported repurchase program. The left authorized sum for stock repurchases counting the additional authorization is around $31 billion.
Kelly Kramer, the CFO of Cisco, expressed that the second quarter was a remarkable quarter with revenue growth of 3% and strong cash flow and margins. They continue to record progress as they shift the business toward increasingly recurring and software revenue. Their notable dividend surge and additional share repurchase agreement reinforce their commitment to returning funds to their shareholders and demonstrate confidence in the strength of their ongoing cash flows.
In the last trading session, the stock price of Cisco gained 0.57% to close the day at $44.33.