CSCO Stock: Cisco Earnings Top Estimates As Outlook Edges By Views

Cisco Systems (CSCO) on Wednesday reported fiscal third-quarter earnings and revenue that topped estimates. Meanwhile, the company’s outlook for its fiscal fourth quarter edged by views. CSCO stock fell.

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For the period ended April 30, Cisco earnings were $1 per share, up 15% from a year earlier, the company said. Revenue came in at $14.6 billion, up 14%, including acquisitions. Analysts expected Cisco earnings of 97 cents a share on sales of $14.39 billion.

A year earlier, Cisco earnings were 87 cents a share on sales of $12.83 billion.

The tech giant reported results after the market close on Wednesday. CSCO stock dropped 4% to 45.72 during extended trading on the stock market today.

CSCO Stock: Predictions For The Fourth Quarter

Cisco did not include product order growth in its earnings release. Order growth fell 22% in the January quarter after surging in most of calendar 2022.

For the current period ending in July — its fiscal fourth quarter — the company forecasts earnings of $1.06 a share vs. estimates of $1.04 per share.

Meanwhile, Cisco said it expects revenue growth of 15% versus projections for 14% growth to $14.95 billion.

Heading into the Cisco earnings report, the tech stock had retreated nearly 2% in 2023. CSCO stock owned a Relative Strength Rating of 63 out of a best-possible 99, according to IBD Stock Checkup.

Cisco has shifted away from its core business of selling network switches and routers. With acquisitions, Cisco aims to increase revenue from software and services.

Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.

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