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Cisco (CSCO) earnings Q4 2022

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Cisco issued fiscal fourth-quarter results on Wednesday that topped analysts’ projections and provided a better-than-expected forecast for the approaching 12 months. The stock rose about 4.5% in prolonged trading.

Here’s how the corporate did:

  • Earnings: 83 cents per share, adjusted, vs. 82 cents per share as expected by analysts, in accordance with Refinitiv.
  • Revenue: $13.10 billion, vs. $12.79 billion as expected by analysts, in accordance with Refinitiv.

Revenue declined barely within the quarter, which ended July 30, in accordance with a statement. Net income decreased by 6% to $2.82 billion as the corporate’s adjusted gross margin narrowed to 63.3% from 65.3% within the previous quarter. Analysts had predicted 64.7%.

For the 2023 fiscal 12 months, Cisco called for adjusted earnings per share of $3.49 to $3.56 and 4% to six% revenue growth. Analysts polled by Refinitiv had expected adjusted earnings of $3.53 per share, with revenue of $52.79 billion, or growth of two.3%. Within the 2022 fiscal 12 months, revenue increased by 3.4%.

While Cisco’s numbers generally topped estimates, the corporate continues to be struggling to grow because the technology world rapidly shifts to cloud and subscription software and away from buying physical boxes. The corporate’s stock price is down 24% this 12 months, while the Nasdaq has fallen 17%.

Cisco’s top business segment, Secure, Agile Networks, which incorporates data-center networking switches, delivered 46% of total revenue at $6.09 billion, down 1% from a 12 months earlier but above the $5.86 billion consensus from analysts polled by StreetAccount.

The second-largest unit, Web for the Future, which accommodates routed optical networking hardware the corporate picked up through its 2021 Acacia Communications acquisition, kicked in $1.26 billion in revenue, down 10% and below the $1.36 billion consensus from StreetAccount.

The Collaboration segment featuring Webex contributed $1.16 billion in revenue, up 2% and above the $1.10 billion StreetAccount consensus. Through the quarter, Cisco announced a recent video desk phone and broader availability of background noise removal software for its Webex video-calling service.

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