Cisco Systems Inc (NASDAQ:CSCO) shares are trading higher Thursday after the company reported better-than-expected financial results.
What Happened: Cisco said fiscal first-quarter revenue jumped 6% year-over-year to $13.6 billion. The company’s top-line results beat average analyst estimates of $13.31 billion, according to Benzinga Pro.
Cisco reported first-quarter earnings of 86 cents per share, which beat average estimates of 84 cents per share.
“Our annualized recurring revenue increased to more than $23 billion, with product ARR growing 12%. This, together with our significant backlog, strong RPO, and easing supply situation, provides us with great visibility and predictability, and supports our increased full year guidance,” said Scott Herren, CFO of Cisco.
Cisco expects fiscal second-quarter revenue growth between 4.5% and 6.5%. The company expects second-quarter earnings to be in a range of 84 cents to 86 cents versus average estimates of 85 cents per share.
Cisco sees full-year 2023 revenue growth growth between 4.5% and 6.5%. The company anticipates full-year earnings between $3.51 and $3.58 per share versus estimates of $3.53 per share.
Related Link: Cisco Q1 Earnings Highlights: Revenue And EPS Beat, Record Quarterly Revenue, Guidance And More
Analyst Assessment: Multiple analysts adjusted price targets on the stock following the company’s quarterly results.
- Rosenblatt maintained Cisco with a Neutral rating and lowered the price target from $53 to $51.
- Credit Suisse maintained Cisco with an Outperform rating and raised the price target from $65 to $67.
- Cowen & Co. maintained Cisco with an Outperform rating and raised the price target from $60 to $61.
CSCO Price Action: Cisco has a 52-week high of $64.29 and a 52-week low of $38.61.
The stock was up 3.37% at $45.89 at time of publication, according to Benzinga Pro.
Photo: Fred Romero from Flickr.
