Cisco puts the turbo on Wall Street (+16,97%) and also drags European technology into the rally. In fact, Stm shines in Milan with the best performance of the Ftse Mib: + 8,99%.
The good performance of technology in Europe started as early as the morning, despite the ups and downs of the stock markets, thanks to the boost from the US group's quarterly report. Cisco, which manufactures routers and electronic equipment, released its fourth-quarter results overnight, which turned out to be better than expected. In fact, the fourth quarter of the 2010/2011 financial year archived revenues up by 3,3% to 11,2 billion dollars.
Earnings fell to $1,2 billion from $1,9 billion in the same period last year but were better than analysts' forecasts: earnings after tax were 40 cents a share, down from 43 cents per share from the same period last year, but higher than analysts' estimates who expected net earnings of 38 cents per share.
