Cisco Raises Annual Earnings Forecast, Announces $15 Billion in Share Buybacks

Cisco Raises Annual Earnings Forecast, Announces $15 Billion in Share Buybacks
A man passes under a Cisco logo at the Mobile World Congress in Barcelona, Spain, on Feb. 25, 2019. Sergio Perez/Reuters
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Cisco Systems Inc (CSCO.O) on Wednesday raised its full-year earnings forecast and reported quarterly revenue above expectations on strong demand for its enterprise communication tools and 5G gear.

Shares of the company rose about 5 percent in extended trading after the networking giant announced a $15 billion increase to its stock repurchase program.