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Cisco Systems Rallies Nearly 5.0% on Strong Earnings in After-hours Trade; Dow Futures Barely Budge

Skylar Shaw

Aug 18, 2022 14:50

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Cisco exceeds expectations for top and bottom line earnings growth and offers a positive outlook

Following the release of better than anticipated top and bottom line earnings results for the fourth quarter of the 2021/2022 fiscal year (FY) and an optimistic outlook for earnings growth during the following fiscal year, Cisco System's share price increased during after-market trading hours on Wednesday. CSCO stock was recently trading just under $49.0, up about 5.0% from Wednesday's closing price of $46.66.


In the last quarter of its most recent fiscal year, Cisco posted adjusted non-GAAP profits per share (EPS) of $0.83, which was slightly higher than the $0.82 per share estimate provided by analysts. The technology company's Q4 revenue, however, came in at $13.1 billion, exceeding analyst consensus expectations of $12.73 billion.


We achieved a solid close to our fiscal year owing to our Q4 success, according to Cisco CEO Chuck Robbins. The company's greatest full-year non-GAAP profits per share ever were achieved thanks to "our teams' excellent execution in the middle of a very challenging environment," he said.


In the next fiscal year, Cisco forecasted revenue growth of between 4 and 6 percent and an EPS of $3.49 to $3.56 per share, up from the $3.36 per share recorded in the prior fiscal year. Cisco's forecast for revenue is therefore more upbeat than analysts' expectations, with the analysts' consensus calling for earnings growth of 2.2% in the coming fiscal year.


Dow Futures Ignore Gains in CSCO Shares Futures that track the price of the Dow Jones Industrial Average index, which includes Cisco at a percentage of about 1.0%, were unchanged in after-hours trading near the 34,000 level after falling 0.5% on Wednesday as investors processed data revealing robust core US retail sales growth in July and slightly dovish-leaning Fed minutes from its July meeting.


Despite a 5.0% after-hours gain, CSCO shares are still down nearly 23% for the year, but they are up about 18% from previous yearly lows of around $41 per share. With inflation having risen this year and major central banks like the Fed being compelled to rapidly hike interest rates, the company's share price has been caught up in a larger US equities market collapse.

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