Cisco (Nasdaq: CSCO) had a better quarter than many were expecting. But that hasn’t stopped the tech stock from hitting a 2012 low.
The world’s largest maker of computer networking equipment saw its fiscal third-quarter earnings rise 20% from a year ago. Its per-share earnings, excluding items, of 48 cents was a penny better than the 47 cents most analysts were looking for. Revenue also climbed 7% from a year ago.
But as our own Jason Cimpl pointed out last week, it seems the stock has already topped. That’s why shares have fallen 9% after hours since the earnings were announced. In fact, Cisco stock is already testing the $17.50 support level Jason wrote about.
That puts Cisco shares in the red for the year, having finished 2011 at $18.08 per share. The tech stock briefly topped $21 a share in early April, but it since been on a steady decline.
Even after today’s promising earnings report, the stock has fallen to its lowest level since Thanksgiving.