Cisco beats quarterly revenue estimates

(Reuters) – Cisco Systems Inc on Thursday reported smaller-than-expected drop in first-quarter revenue as more people working from home during the COVID-19 pandemic drove demand for its teleconferencing tools, networking equipment and cybersecurity products.

The company’s revenue fell to $11.93 billion in the quarter ended Oct.24, from $13.16 billion, a year ago. Analysts on average were expecting $11.85 billion, according to IBES data from Refinitiv.

(Reporting by Chavi Mehta in Bengaluru; Editing by Shailesh Kuber)