CSCO

By Denny Jacob

Cisco Systems Inc. shares edged up 4.9% to $46.56 in after-hours trading Wednesday after the company raised its full-year guidance and posted first- quarter revenue above analysts' estimates.

The networking-equipment giant guided for revenue growth between 4.5% to 6.5% year-over-year and adjusted earnings per-share between $3.51 to $3.58 a share in fiscal 2023. It previously forecast revenue growth between 4% to 6% year-over-year and adjusted earnings of $3.49 to $3.56 a share.

The company forecast second-quarter revenue growth between 4.5% to 6.5% year-over-year and adjusted earnings per-share between 84 cents to 86 cents a share.

The company's annualized recurring revenue growth coupled with "our significant backlog, strong RPO, and easing supply situation, provides us with great visibility and predictability, and supports our increased full- year guidance," said Chief Financial Officer Scott Herren.

The outlook comes on the back of Cisco's latest results.

The company logged net income of $2.67 billion, or 65 cents a share, for the quarter ended Oct. 29, compared to $2.98 billion, or 70 cents a share, a year earlier. Adjusted earnings were 86 cents a share, above analysts' estimates of 84 cents.

Revenue rose to $13.63 billion from $12.90 billion. Analysts polled by FactSet expected $13.31 billion.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

November 16, 2022 16:47 ET (21:47 GMT)

Cisco Systems (NASDAQ:CSCO)
Historical Stock Chart
From Feb 2023 to Mar 2023

Cisco Systems (NASDAQ:CSCO)
Historical Stock Chart
From Mar 2022 to Mar 2023