What's Going On With Cisco Systems Stock?
Portfolio Pulse from Dylan Berman
Cisco Systems, Inc. (NASDAQ:CSCO) reported its fiscal third-quarter earnings, showing a 13% year-over-year decline in revenue to $12.7 billion, which still beat analyst estimates. Adjusted EPS also beat expectations at 88 cents. The company provided optimistic guidance for the fourth quarter and full-year 2024. Despite the positive earnings report, Cisco shares were down 1.7%. Analysts had mixed reactions, with some raising their price targets.
May 16, 2024 | 2:46 pm
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Cisco Systems reported a 13% YoY decline in Q3 revenue to $12.7 billion, beating analyst estimates. Adjusted EPS also beat expectations at 88 cents. The company provided optimistic guidance for Q4 and FY 2024. Despite this, shares fell 1.7%. Analysts had mixed reactions, with some raising their price targets.
Cisco's earnings beat analyst estimates, and the company provided positive guidance for the future. However, the 13% YoY revenue decline and mixed analyst reactions likely contributed to the 1.7% drop in share price. The short-term impact is neutral as the market digests the mixed signals.
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