Earnings Results: Cisco earnings and revenue forecast quell fears of slowdown, stock rises

by | Aug 17, 2022 | Stock Market

Cisco Systems Inc. shares rose in extended trading Wednesday after the networking company forecast stronger-than-expected revenue growth in the months ahead, quelling fears of a slowdown in businesses’ technology spending. Cisco 
 reported net income of $3.4 billion, or 68 cents a share, while revenue was flat from the year before at $13.1 billion. After adjusting for stock compensation and other effects, Cisco reported earnings of 83 cents a share, down from 84 cents a share a year ago.

Analysts surveyed by FactSet on average had expected adjusted earnings of 82 cents a share on revenue of $12.73 billion. Shares gained more than 3% in after-hours trading immediately following the results, after closing with down slightly in regular trading at $46.66. “We had a strong end to our fiscal year thanks to our Q4 performance,” Cisco Chief Executive Chuck Robbins said in a statement. “Our teams executed well in the midst of an incredibly dynamic environment, resulting in the highest full-year non-GAAP earnings per share in the history of the company.” Cisco’s Product ($9.69 billion) and Service ($3.41 billion) businesses were flat year-over-year. The company’s top business segment, Secure, …

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