Shares of Cisco Systems (CSCO) fell 2% in after hours trading on Wednesday after the technology infrastructure giant reported its results for the second quarter of its fiscal 2013 after the market close.
Second Quarter Results
Cisco reported second quarter revenues of $12.10 billion, up 5% compared to the year before, beating analysts consensus of $12.06 billion. Net income on a GAAP-basis rose 44% to $3.14 billion, driven by a tax benefit of $926 million after the company reached a settlement with the Internal Revenue Service. Cisco benefited from the reinstatement of the federal R&D tax credit as well.
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