By Maria Armental

Networking-equipment giant Cisco Systems Inc. reported a 9.4% revenue decline for the latest period, the fourth consecutive quarterly decline as businesses cut back on hardware networking equipment amid the pandemic.

But the results and Cisco's projections for the second quarter beat Wall Street projections, sending the stock up 8% to $41.83 in after-hours trading.

"Cisco is off to a solid start in fiscal 2021 and we are encouraged by the signs of improvement in our business as we continue to navigate the pandemic and other macro uncertainties," Chief Executive Chuck Robbins said in a statment, adding: "We see many great opportunities ahead as every company in every industry is accelerating its digital-first strategy."

Cisco, considered a proxy for corporate high-tech hardware demand, said the coronavirus pandemic hit enterprise and commercial orders. It targeted more than $1 billion in cost cuts on an annualized basis, including an unspecified number of jobs.

Cisco booked $602 million in charges tied to the restructuring in the first quarter and estimated it would recognize $200 million more in the second quarter.

The San Jose, Calif.-based company said it would continue to invest in areas like internet-connected devices, the so-called internet of things or IoT for short, and security.

On Thursday, Cisco reported a 26% first-quarter profit decline to $2.17 billion, or 51 cents a share. Excluding restructuring costs and other items, profit fell to 76 cents a share from 84 cents a share a year earlier.

Revenue, meanwhile, fell to $11.93 billion from $13.16 billion a year earlier.

This quarter, Cisco projects profit of 55 cents to 66 cents a share, or 74 cents to 76 cents as adjusted, with revenue flat to down 2% from the year earlier, compared with analysts' projected 62 cents a share in profit, or 73 cents a share as adjusted, on $11.63 billion in revenue, implying a roughly 3.4% decline.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

11-12-20 1649ET