Cisco Systems Inc. (Nasdaq: CSCO), the No. 1 provider of Internet gear, reported fourth-quarter net income that beat analyst estimates by a penny and also announced it would raise its dividend 75 percent to 14 cents a share.
The San Jose, Calif., company reported fourth-quarter net income of $1.92 billion, or 36 cents a share, compared with the year-earlier's $1.23 billion, or 22 cents, as revenue rose 4 percent to $11.7 billion. Earnings from operations were 47 cents a share compared with estimates of only 45 cents a share.
"There is no question that our industry and technology architectures, built on integrated products, services and software platforms to fuel our customers' businesses is proving the right strategy for our success," said CEO John Chambers. The company reported cash and investments exceeding $48.7 billion as of July 28.
Cisco shares jumped 76 cents to $18.11, or 4.5 percent, after the results were announced, valuing the company at $93 billion.