RESEARCH TRIANGLE PARK – Chuck Robbins, CEO of tech giant Cisco, says his company is prepared to deal with any financial fallout from increasing trade tensions between the US and China as well as tariffs.
“We see very minimal impact this point based on all the great work the teams have done, and it is absolutely baked into our guide going forward,” Robbins said in a conference call Wednesday evening to disco Cisco’s latest quarterly earnings.
The company also had “slashed its manufacturing in China in anticipation of higher import tariffs levied in the US,” The Financial Times noted.
Cisco (Nasdaq: CSCO), which operates one of its largest corporate campuses in RTP and employs several thousand people there, reported earnings that topped analysts’ expectations and forecast revenue that hit expectations as well.
“Our strong performance in the quarter was across the business, reflecting our customers’ confidence in our strategy, business model and market-leading portfolio,” Robbins said in a statement. “Technology is at the heart of our customers’ strategies and we are building the technology to help them achieve their business objectives.”
Shares roe 3 percent in after-hours trading.
Earnings came in at 78 cents per share, 1 cent better than expected, and revenue hit nearly $13 billion, which slightly beat the Street, according to CNBC.
Company revenue climbed 4 percent year-over-year with hardware sales growing more than 5 percent.
