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Cisco Systems (CSCO, $49.37) beat quarterly revenue estimates as a COVID-19 recovery in China eased supply chain pressures and helped the company meet demand for its networking hardware. The stock rose about 4.5% in extended trading.
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Its revenue came in at $13.10 billion, vs. $12.79 billion as expected by analysts, while its EPS stood at $0.83 per share, adjusted, vs. $0.82 per share. Net income decreased by 6% to $2.82 billion as the company’s adjusted gross margin narrowed to 63.3% from 65.3% in the previous quarter. Analysts had predicted 64.7%.