Cisco tops estimates on revenue and profit and gives optimistic annual sales forecast

1 month ago
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Cisco issued fiscal fourth-quarter results connected Wednesday that topped analysts' projections and provided a better-than-expected forecast for the coming year. The banal roseate 2.5% successful extended trading.

Here's however the institution did:

  • Earnings: 83 cents per share, adjusted, vs. 82 cents per stock arsenic expected by analysts, according to Refinitiv.
  • Revenue: $13.10 billion, vs. $12.79 cardinal arsenic expected by analysts, according to Refinitiv.

Revenue declined somewhat successful the quarter, which ended July 30, according to a statement. Net income decreased by 6% to $2.82 cardinal arsenic the company's adjusted gross borderline narrowed to 63.3% from 65.3% successful the erstwhile quarter. Analysts had predicted 64.7%.

For the 2023 fiscal year, Cisco called for adjusted net per stock of $3.49 to $3.56 and 4% to 6% gross growth. Analysts polled by Refinitiv had expected adjusted net of $3.53 per share, with gross of $52.79 billion, oregon maturation of 2.3%. In the 2022 fiscal year, gross accrued by 3.4%.

While Cisco's numbers mostly topped estimates, the institution is inactive struggling to turn arsenic the exertion satellite rapidly shifts to unreality and subscription bundle and distant from buying carnal boxes. The company's banal terms is down 24% this year, portion the Nasdaq has fallen 17%.

The company's apical concern segment, Secure, Agile Networks, which includes data-center networking switches, delivered 46% of full gross astatine $6.09 billion, down 1% from a twelvemonth earlier but supra the $5.86 cardinal statement from analysts polled by StreetAccount.

The second-largest unit, Internet for the Future, which contains routed optical networking hardware the institution picked up done its 2021 Acacia Communications acquisition, kicked successful $1.26 cardinal successful revenue, down 10% and beneath the $1.36 cardinal statement from StreetAccount.

The Collaboration conception featuring Webex contributed $1.16 cardinal successful revenue, up 2% and supra the $1.10 cardinal StreetAccount consensus. During the quarter, Cisco announced a caller video table telephone and broader availability of inheritance sound removal bundle for its Webex video-calling service.

Executives volition sermon the results with analysts connected a league telephone starting astatine 4:30 p.m. ET.