Cisco Raises Fiscal Year Profit Guidance Following 1Q Results -- Earnings Review
17 November 2021 - 10:49PM
Dow Jones News
By Maria Armental
Cisco Systems Inc. raised its profit projection for the year
following a roughly 37% profit improvement in the most recent
quarter. Here's what you need to know:
PROFIT: Net income for the October quarter rose to $2.98 billion
from $2.17 billion a year earlier. On a per-share basis, profit was
70 cents, or 82 cents as adjusted. Cisco has projected 61 cents to
66 cents a share, or 79 cents to 81 cents as adjusted; and analysts
surveyed by FactSet expected 71 cents a share, or 80 cents a share
on an adjusted basis.
REVENUE: Revenue rose about 8% to $12.9 billion, compared with
Cisco's projected 7.5% to 9.5% increase and analysts' expected
$12.98 billion.
OUTLOOK: Cisco raised its profit projections for the year,
saying it now expects $2.77 to $2.89 a share, up from its previous
view of $2.72 to $2.84 a share. It affirmed its adjusted profit
view of $3.38 to $3.45 a share and 5% to 7% in revenue growth.
CFO QUOTE: "Our teams executed well in a challenging
environment, delivering balanced profitable growth with revenue and
non-GAAP EPS both growing 8% year over year," Chief Financial
Officer Scott Herren said in a statement. "We also continued to
make significant progress in our business model transformation.
Remaining performance obligations and annualized recurring revenue
both grew 10% year over year with product ARR growth of 21%
providing more predictability and visibility to our long-term
growth."
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
November 17, 2021 16:34 ET (21:34 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Cisco Systems (NASDAQ:CSCO)
Historical Stock Chart
Von Feb 2024 bis Mär 2024
Cisco Systems (NASDAQ:CSCO)
Historical Stock Chart
Von Mär 2023 bis Mär 2024