{"id":85130,"date":"2023-11-16T01:47:36","date_gmt":"2023-11-16T06:47:36","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/cisco-slashes-earnings-outlook-sending-its-stock-tumbling\/"},"modified":"2023-11-16T01:47:38","modified_gmt":"2023-11-16T06:47:38","slug":"cisco-slashes-earnings-outlook-sending-its-stock-tumbling","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85130","title":{"rendered":"Cisco slashes earnings outlook, sending its stock tumbling"},"content":{"rendered":"
\n

Cisco Systems Inc. slashed its revenue forecast for the fiscal year, and its shares were plunging in Wednesday\u2019s extended session.<\/p>\n

The networking company now anticipates $53.8 billion to $55.0 billion in revenue for the full fiscal year, whereas Cisco\u2019s
\n CSCO,
\n +0.21%<\/bg-quote>
\n prior outlook was for $57.0 billion to $58.2 billion. Analysts tracked by FactSet were modeling $57.8 billion on the top line.<\/p>\n

\n

Cisco also now expects $3.87 to $3.93 in full-year adjusted earnings per share, down from a prior forecast of $4.01 to $4.08. Analysts were looking for $4.05.<\/p>\n

Shares of Cisco were tumbling 11% in after-hours trading Wednesday and on track to snap a streak of five post-earnings gains.<\/p>\n

\u201cAfter three quarters of exceptionally strong product delivery our customers are now focused on installing and implementing these unprecedented levels of products,\u201d Chief Executive Chuck Robbins said on the earnings call, according to a FactSet transcript.<\/p>\n

He added that \u201ccustomers are now taking time to onboard and deploy these heightened product deliveries,\u201d and there\u2019s been a slowdown in new orders, mainly with larger enterprise, service provider and cloud customers. The trend \u201cwas most pronounced in October.\u201d<\/p>\n

The company recorded fiscal first-quarter net income of $3.6 billion, or 89 cents a share, compared with $2.7 billion, or 65 cents a share, in the year-prior quarter. Cisco posted adjusted earnings per share of $1.11, whereas the FactSet consensus was for $1.03.<\/p>\n

Revenue rose to $14.7 billion from $13.6 billion a year before, while analysts had been modeling $14.6 billion. <\/p>\n

For the fiscal second quarter, the company expects $12.6 billion to $12.8 billion in revenue, whereas analysts were modeling $14.2 billion. The company also is looking for 82 cents to 84 cents in adjusted earnings per share, while the FactSet consensus called for 99 cents. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Cisco Systems Inc. slashed its revenue forecast for the fiscal year, and its shares were plunging in Wednesday\u2019s extended session. The networking company now anticipates $53.8 billion to $55.0 billion in revenue for the full fiscal year, whereas Cisco\u2019s CSCO, +0.21% prior outlook was for $57.0 billion to $58.2 billion. Analysts tracked by FactSet were […]<\/p>\n","protected":false},"author":1,"featured_media":85131,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-85130","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nCisco slashes earnings outlook, sending its stock tumbling | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Cisco Systems Inc. slashed its revenue forecast for the fiscal year, and its shares were plunging in Wednesday\u2019s extended session. 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