Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, February 16, 2024

Article Excerpt

CISCO SYSTEMS INC., $48.44, Nasdaq symbol CSCO, is still a buy for long-term gains. Through the stock, investors tap a global producer of hardware and software that links and manages computer networks. The company reported better-than-expected quarterly earnings this week. That’s partly because improving supply chains have let it accelerate deliveries. However, its customers are placing fewer orders for new equipment as they focus on installing their recent purchases. That’s why the stock fell 3% this week. In the fiscal 2024 second quarter, ended January 27, 2024, revenue fell 5.9%, to $12.79 billion from $13.59 billion a year earlier. Even so, that beat the consensus forecast of $12.71 billion. Earnings in the quarter, excluding unusual items, also declined 2.8%, to $3.54 billion from $3.64 billion. Cisco spent $1.3 billion on share buybacks, which is why earnings per share fell at a slower rate of 1.1%, to $0.87 from $0.88. That still topped the $0.84 consensus estimate. The company continues to expand its software and data security…