Tech stocks continue to rise after hours; Cisco beats expectations

Cisco (NASDAQ:CSCO) was up only 0.22 percent in the regular session as investors awaited the release of its earnings after the market closes. 

In after-hours trading, Cisco reported quarterly net revenues of $9.8 billion, up 8 percent year-on-year. Earnings were $2.3 billion, or 40 cents per share, up 25 percent year-on-year. Both earnings and revenues beat Wall Street expectations. 

Our outstanding Q2 results exceeded our expectations and we believe they provide a clear indication that we are entering the second phase of the economic recovery, said CEO John Chambers.  Cisco shares were trading 3.25 percent in at 5:47 p.m.

Microsoft is up 0.59 percent, Apple is up 0.33 percent, and Google is up 0.19 percent. 

While the S&P 500 Index and the Dow Jones Industrial Average ended in negative territory for the day, the tech heavy Nasdaq Composite closed higher, gaining 0.85 points, or 0.04 percent, to trade at 2,190.91.The Dow Jones U.S. Technology Index gained 0.36 percent in regular hours. 

The largest tech companies are still trading significantly lower for the year.  Microsoft is down about 6 percent; Apple is down about 6 percent; and Google is down about 13 percent.  Each firm reported earnings last month that beat expectations.

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