Cisco tops Wall Street estimates

Cisco Systems Inc. (NASDAQ: CSCO) released the latest earnings results for fiscal Q2 of 2024 after market close in the US on Wednesday.

The US telecommunications company achieved revenue of $12.8 billion for the quarter vs. $12.706 billion. Revenue was down by 6% vs. the same period the year prior.

Earnings per share (EPS) reached $0.87, above Wall Street estimate of $0.836 per share. EPS was down by 1% year-over-year.

Cisco announced a 3% raise on its quarterly dividend of $0.40 per share for all shareholders on record as of 4/4/24.

For fiscal Q3 of 2024, the company expects revenue in a region of $12.1 to $12.3 billion. EPS expected at between $0.84 to $0.86 per share.

Company overview

• Founded: 1984
• Headquarters: San Jose, California, United States
• Number of employees: 84,900 (2023)
• Industry: Telecommunications
• Key people: Chuck Robbins (CEO & Chairman)

CEO commentary

“We delivered a solid second quarter with strong operating leverage and capital returns,” Chuck Robbins, CEO of the company said in a press release.

“We continue to align our investments to future growth opportunities. Our innovation sits at the center of an increasingly connected ecosystem and will play a critical role as our customers adopt AI and secure their organizations,” Robbins concluded.

Stock reaction

Shares were up by 1.29% at the end of Wednesday’s session at $50.28 a share. The stock fell by around 4% in the after-hours trading.

Stock performance

• 5 day: +0.32%
• 1 month: -0.74%
• 3 months: -6.29%
• Year-to-date: -1.17%
• 1 year: +3.05%

Cisco stock price targets

• UBS Group: $55
• Melius Research: $55
• DZ Bank: $50
• Rosenblatt Securities: $51
• Piper Sandler: $50
• Oppenheimer: $54
• Tigress Financial: $76
• Bank of America: $60
• Deutsche Bank: $58
• Barclays: $53
• Citigroup: $55
• Morgan Stanley: $56
• Jefferies Financial Group: $59.50
• Evercore ISI: $63
• BNP Paribas: $45
• JP Morgan Chase & Co.: $62

Cisco Systems Inc. is the 54th largest company in the world with a market cap of $203 billion, according to CompaniesMarketCap.

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Sources: Cisco Systems Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap