BBIG - Cisco (CSCO) Stock Pops 7% After Beating Earnings Estimates
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Cisco (NASDAQ:CSCO) stock is rising higher on Thursday after the company released positive results for its fiscal fourth quarter of 2022!
The good news for CSCO stock starts with its adjusted earnings per share of 83 cents. That comes in above the 82 cents per share that Wall Street was estimating. Even if it’s a 1% drop year-over-year 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. This also has revenue matching what was reported in the fiscal fourth quarter of 2021.
Chuck Robbins, chairman and CEO of Cisco, 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
Cisco also provides guidance for its fiscal first quarter of 2023 in its earnings report. This has it expecting adjusted EPS between 82 cents and 84 cents with YoY revenue growth between 2% and 4%. Wall Street is expecting an adjusted EPS of 84 cents and revenue of $12.88 billion for the quarter.
For the fiscal full year of 2023, Cisco is expecting adjusted EPS to range from $3.49 to $3.56 with revenue growth of 4% to 6%. For comparison, analysts are expecting adjusted EPS of $3.53 on revenue of $52.89 billion for fiscal 2023.
CSCO stock is up 6.9% 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!
More Thursday Stock Market News
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On the date of publication, William White did not have (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.
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