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MarketWatch First Take: Cisco turns corner in tough transition to a new era

Cisco Systems Inc. has turned the corner in a painful transition, with the first quarter of revenue growth since 2016 showing success in the networking giant’s quest to become a subscription-based business.

Cisco CSCO, +2.09%reported better-than-expected fiscal second-quarter revenue and adjusted earnings Wednesday, excluding the impact of a charge related to the changes in the U.S. tax law, and its shares soared more than 6% in after-hours trading. Cisco shares jumped to levels not seen since the dot-com boom went bust, and were already up nearly 10% this year, while the Dow Jones Industrial Average DJIA, +1.03% , which counts Cisco as a component, is up less than 1% early in 2018.

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