Shares of Cisco Systems Inc. (NASDAQ:CSCO) rallied during Wednesday’s after hours session following the release of the company’s Q2 earnings beat with in-line guidance for Q3.
Cisco saw strong business momentum which drove a 6% year-over-year growth in revenue to $12.7 billion. In particular, management highlighted, “continued robust demand across the business with a third consecutive quarter of more than 30% total product order growth.” Additionally, the ongoing business model transformation showcases solid progress with total annualized recurring revenue (ARR) growing 11% year-over-year to $21.9 billion.
