Cisco's stock drops 7% on mediocre forecast even as earnings and revenue top estimates

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Cisco

reported better-than-expected quarterly results on Wednesday, but the stock dropped about 7% in extended trading as earnings guidance for the current period only met estimates.

Here’s how the company did in comparison with LSEG consensus:

Cisco’s revenue grew about 10% from $14 billion a year earlier, according to a statement. Net income increased to $3.18 billion, or 80 cents per share, from $2.43 billion, or 61 cents per share, in the same quarter a year ago. The adjusted figure excludes stock-based compensation costs.