Cisco results announced – the stock gains
17 February 2023US telecommunications giant Cisco Systems Inc. (NASDAQ:CSCO) announced the latest earnings results for the fiscal Q2 ending January 28, 2023, after market close in the US on Wednesday.
Cisco beat revenue and earnings per share estimates for the quarter, sending the stock higher.
The company reported revenue of $13.592 billion (up by 7% year-over-year) vs. the $13.419 billion estimate.
EPS reported at $0.88 per share (up by 5% year-over-year) vs. $0.855 EPS expected.
Cisco also announced a quarterly dividend of $0.39 a share.
CEO commentary
”With Cisco’s strong Q2 performance, our fiscal 2023 is shaping up to be a great year,” Chuck Robbins, CEO of the company said in a press release.
“The modern, highly secure networks we are building serve as the backbone of our customers’ technology strategy. This, combined with the success of our ongoing business transformation and operational discipline gives me confidence in our future,” Robbins added.
Stock reaction
The latest results had a positive impact on the share price. The stock was up by 5.24% at market close on Thursday in the US, trading at $50.96 a share.
Stock performance
- 1 month: +10.99%
- 3 months: +10.68%
- Year-to-date: +8.24%
- 1 year: -7.54%
Cisco stock price targets
- Loop Capital: $66
- Piper Sandler: $53
- UBS: $51
- Cowen & Co.: $64
- JP Morgan: $55
- Credit Suisse: $69
- Rosenblatt: $53
- Wells Fargo: $57
- Raymond James: $63
- Morgan Stanley: $55
Cisco is the 46th largest company in the world with a market cap of $211.81 billion.
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Sources: Cisco Systems Inc., TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap
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