— Cisco on Wednesday upgraded its annual revenue forecast after reporting better-than-expected fiscal third-quarter results as firmer margins helped offset a dip in revenue. 

Cisco Systems Inc (NASDAQ:) was up 5% in afterhours trading following the report.  

For the three months ended Apr. 27, the company reported adjusted earnings of per diluted share, down from $1.00 a year earlier, on revenue of $12.7 billion, down 13% from the same period a year earlier. That, however, topped Wall Street estimates for adjusted EPS of $0.83 on revenue of $12.48B.  

Gross margin rose to 65.1% from 63.4% a year earlier.

Looking ahead, the company is now forecasting revenue in a range of $53.6B to $53.8B, from $51.5B to $52.5B earlier, while full-year adjusted EPS was expected in a range of $3.69 to $3.71, compared with $3.68 to $3.74 in February.

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