Cisco (NASDAQ:CSCO) earnings for the American technology company’s fiscal first quarter of 2020 have CSCO stock taking a beating on Wednesday. This comes despite its adjusted EPS of 84 cents beating out Wall Street’s estimate of 81 cents. Revenue of $13.20 billion also comes in above analysts’ estimates of $13.09 billion.
Let’s take a closer look at the most recent Cisco earnings report.
- Adjusted per-share earnings for the quarter are up 12% from 75 cents in fiscal Q1 2019.
- Revenue comes in not quite 1% higher YoY from $13.10 billion.
- Operating income of $3.58 billion is 6.04% worse than the $3.81 billion reported in the same period of the year prior.
- The Cisco earnings report also includes a net income of $2.93 billion.
- This is 17.46% lower than its net income of $3.55 billion reported in its fiscal first quarter of 2019.
Chuck Robbins, Chairman and CEO of Cisco, has this to say about the current CSCO stock earnings.
“We delivered a solid quarter against a challenging macro environment. We’re focused on continuing to drive innovation, transform our business and exceed our customers’ expectations.”
The Cisco earnings report also has bad news for CSCO stock with its fiscal Q2 2020 outlook. This has it expecting adjusted earnings per share to range from 75 cents to 77 cents. The high end is below Wall Street’s estimate of 79 cents for the quarter. The company is also warning that revenue will be down between 3% to 5% from the same time last year.
CSCO stock was down 5.08% after markets closed on Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.