Cisco Systems

By Dan Gallagher How good was Cisco Systems’s most-recent fiscal year? Too good, as it turns out. The maker of networking and telecommunications equipment said late Wednesday that revenue fell nearly 6% year over year to $12.8 billion in its fiscal second quarter ( ended January. That was in line with the company’s prior forecast, but also the most significant revenue decline Cisco has seen in more than three years. The company projected an even steeper drop of 16% for the current quarter, ending April. The recent declines mark a rapid change of fortune for Cisco. The company saw a boom in sales ( in the fiscal year that ended in July, as customers snapped up equipment that had been hard to come by during the pandemic’s supply shortages. Cisco’s revenue rose 10.6% for the year, its best annual performance in more than a decade. But many of the customers […]

Cisco Systems Sees FY EPS $2.61-EPS $2.73。

Cisco Systems (NASDAQ:CSCO) Posts Q2 EPS of $0.87 on Revenue of $12.8 Billion, Vs CIQ Analyst Consensus of $0.84/Share on Revenue of $12.7 Billion。

Cisco Systems, Inc. (NASDAQ:CSCO) reported its second-quarter financial results after the bell Wednesday. Here’s a look at the highlights. The Details: Cisco Systems reported second-quarter earnings of 87 cents per share, beating the analyst consensus estimate of 84 cents. The company reported quarterly sales of $12.8 billion, beating the analyst estimate of $12.71 billion. Cisco also announced a restructuring plan that will cut approximately 5% of its global workforce. The company estimates that it will recognize pre-tax charges to its GAAP financial results of approximately $800 million consisting of severance and other one-time termination benefits and costs. “We delivered a solid second quarter with strong operating leverage and capital returns,” said Chuck Robbins, CEO of Cisco. “We continue to align our investments to future growth opportunities. Our innovation sits at the center of an increasingly connected ecosystem and will play a critical role as our customers adopt AI and secure their organizations,”

Cisco Systems (CSCO) reported fiscal Q2 non-GAAP earnings late Wednesday of $0.87 per diluted share, down from $0.88 a year earlier. Analysts polled by Capital IQ expected $0.84. Revenue for the quarter ended Jan. 27 was $12.79 billion, down from $13.59 billion a year earlier. Analysts surveyed by Capital IQ expected $12.70 billion. The company expects fiscal Q3 non-GAAP EPS between $0.84 and $0.86 and revenue between $12.1 billion and $12.3 billion. Analysts polled by Capital IQ expect $0.92 and $13.1 billion. The company expects fiscal 2024 non-GAAP EPS of $3.68 to $3.74 and revenue between $51.5 billion and $52.5 billion. The previous guidance was for non-GAAP EPS between $3.87 and $3.93 and revenue between $53.8 billion and $55.0 billion. Analysts surveyed by Capital IQ expect $3.87 and $54.47 billion. The company’s shares were falling past 4% in recent after-hours trading.

The following is a summary of the Cisco Systems, Inc. (CSCO) Q2 2024 Earnings Call Transcript: Financial Performance: In Q2, Cisco reported total revenue of $12.8 billion, down 6% YoY. Product revenue dropped 9% to $9.2 billion, while service revenue rose 4% to $3.6 billion. Non-GAAP net income was $3.5 billion, a 3% decrease. Non-GAAP earnings per share were $0.87, a 1% decrease. Annual recurring revenue rose 6% to $24.7 billion, with total software revenue remaining flat at $4.2 billion and software subscription revenue increasing 5%. The non-GAAP gross margin and operating margin were 66.7% and 33% respectively. Cisco ended Q2 with cash and investment balance of $25.7 billion, and returned $2.8 billion to shareholders through dividends and share buybacks. The revenue guidance for Q3 is between $12.1 billion and $12.3 billion, with non-GAAP earnings per share projected to be from $0.84 to $0.86. Business Progress: Cisco is making a

Cisco Systems (NASDAQ:CSCO) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/15/2024 7.82% Wells Fargo → $52 Initiates Coverage On → Equal-Weight 02/12/2024 14.04% UBS $54 → $55 Maintains Neutral 01/08/2024 14.04% Melius Research → $55 Downgrades Buy → Hold 11/17/2023 3.67% DZ Bank → $50 Downgrades Buy → Hold 11/16/2023 11.96% Oppenheimer $58 → $54 Maintains Outperform 11/16/2023 11.96% UBS $55 → $54 Maintains Neutral 11/16/2023 3.67% Piper Sandler $57 → $50 Maintains Neutral 11/16/2023 5.74% Rosenblatt $59 → $51 Maintains Neutral 10/30/2023 — Raymond James Downgrades Outperform → Market Perform 09/22/2023 57.58% Tigress Financial $73 → $76 Maintains Buy 09/13/2023 24.4% B of A Securities $56 → $60 Maintains Neutral 08/21/2023 20.26% Deutsche Bank $54 → $58 Maintains Hold 08/17/2023 30.62% Evercore ISI Group $60 → $63 Maintains Outperform 08/17/2023 9.89% Piper Sandler $51 → $53 Maintains Neutral 08/17/2023 23.37%

Cisco Systems is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. Cisco Systems posted solid results for its second quarter, but the company provided guidance for the next two quarters that fell short of analysts’ estimates. The company also said it plans to reduce its workforce by about 5% as part of a restructuring plan “in order to realign the organization and enable further investment in key priority.” The company said the plan would result in about $800 million in charges for severance and other costs. Dow Jones & Co. owns Factiva.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We keep our 12-month target price at $55, 14.3x our FY 25 (Jul.) EPS estimate, in line with its three-year forward average P/E, reflecting our growth concerns. We lower our FY 24 EPS estimate by $0.16 to $3.72 and trim FY 25’s by $0.22 to $3.84. Cisco Systems, Inc. (NASDAQ: CSCO) reported Jan-Q operating EPS of $0.87 vs. $0.88, $0.03 above the consensus. Jan-Q revenue fell 6%, driven by a 12% decline in the Networking segment, due to weak demand across switching, wireless, and routed optical networking, partially offset by 3% growth in Security, driven by its Zero Trust offering and a 3% increase in Collaboration, driven by growth in devices and calling. CSCO announced it would cut its workforce by 5%, or roughly 4.2K employees, in

Cisco Systems (NASDAQ:CSCO) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/08/2024 9.45% Melius Research → $55 Downgrades Buy → Hold 11/17/2023 -0.5% DZ Bank → $50 Downgrades Buy → Hold 11/16/2023 7.46% Oppenheimer $58 → $54 Maintains Outperform 11/16/2023 7.46% UBS $55 → $54 Maintains Neutral 11/16/2023 -0.5% Piper Sandler $57 → $50 Maintains Neutral 11/16/2023 1.49% Rosenblatt $59 → $51 Maintains Neutral 10/30/2023 — Raymond James Downgrades Outperform → Market Perform 09/22/2023 51.24% Tigress Financial $73 → $76 Maintains Buy 09/13/2023 19.4% B of A Securities $56 → $60 Maintains Neutral 08/21/2023 15.42% Deutsche Bank $54 → $58 Maintains Hold 08/17/2023 25.37% Evercore ISI Group $60 → $63 Maintains Outperform 08/17/2023 5.47% Piper Sandler $51 → $53 Maintains Neutral 08/17/2023 18.41% Jefferies $54 → $59.5 Maintains Buy 08/17/2023 9.45% Citigroup $54 → $55 Maintains Neutral 08/17/2023 11.44% Morgan Stanley $55

Cisco Systems’ acquisition of Isovalent, a cloud networking and security startup backed by Google and Microsoft, announced on Thursday, suggests that the enterprise software stock rebound is also boosting startup valuations in the sector. Cisco, a pioneer in data center networking equipment that has shifted to serve cloud customers, is paying around $650 million in cash for the startup, or 32 times its annual recurring revenue, said a person with direct knowledge of the figure. That’s well above the average valuation multiple for enterprise software stocks outside artificial intelligence, which are trading at 8.2 times ARR, according to Meritech

Cisco Systems Announced The Intent To Acquire Isovalent To Bolster Its Secure Networking Capabilities Across Public Cloud; Expects Acquisition Close In Q3 2024.