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Cisco (CSCO) Stock Pops 7% After Beating Earnings Estimates

  • Cisco (CSCO) stock is jumping today with the release of its fiscal Q4 earnings report.
  • The company beat out earnings per share (EPS) and revenue estimates.
  • Cisco also provided a solid outlook for fiscal 2023.
the cisco (CSCO stock) logo on a wall

Source: Valeriya Zankovych / Shutterstock.com

Cisco (NASDAQ:CSCO) stock is rising higher on Thursday after the company released positive fourth-quarter results for 2022.

The good news for CSCO stock starts with its adjusted earnings per share (EPS) of 83 cents. That comes in above the 82 cents per share Wall Street had estimated, even if it’s a 1% drop year-over-year (YOY) from 84 cents.

Adding to the celebrations today is revenue of $13.1 billion. Yet again, that beats out analysts’ revenue estimate of $12.78 billion for the quarter. Revenue also matched with the sales figure reported in the fiscal Q4 2021.

Cisco Chairman and CEO Chuck Robbins said the following in the earnings report:

“We had a strong end to our fiscal year thanks to our Q4 performance. 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.”

2023 Guidance Is Good for CSCO Stock

In its earnings report, Cisco also provided guidance for fiscal Q1 2023. The company now expects adjusted EPS between 82 cents and 84 cents as well as YOY revenue growth between 2% and 4%. Wall Street expects adjusted EPS of 84 cents and revenue of $12.88 billion for the quarter.

For the fiscal 2023, Cisco also expects adjusted EPS to range from $3.49 to $3.56 and revenue growth between 4% and 6% YOY. For comparison, analysts expect adjusted EPS of $3.53 on revenue of $52.89 billion.

CSCO stock is up 7% as of Thursday morning.

Traders seeking our more recent stock market news will want to keep reading!

InvestorPlace is home to all of the latest stock news worth keeping track of today! That includes what’s happening with Plus Therapeutics (NASDAQ:PSTV), Vinco Ventures (NASDAQ:BBIG) and Kohl’s (NYSE:KSS) stock on Thursday. You can get up to speed on all of that news at the following links!

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/08/cisco-csco-stock-pops-7-after-beating-earnings-estimates/.

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