Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, November 17, 2023

Article Excerpt

CISCO SYSTEMS INC., $47.76, Nasdaq symbol CSCO, is still a buy. Through the stock, investors tap a global producer of hardware and software that links and manages computer networks. The company reported stronger-than-expected earnings and revenue for its latest quarter. 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 9% this week. In the fiscal 2024 first quarter, ended October 28, 2023, revenue rose 7.6%, to $14.67 billion from $13.63 billion a year earlier. That beat the consensus forecast of $14.63 billion. Earnings in the quarter, excluding unusual items, jumped 27.6%, to $4.53 billion from $3.55 billion. Cisco spent $1.3 billion on share buybacks, which is why earnings per share rose at a faster rate of 29.1%, to $1.11 from $0.86. That also topped the $1.03 consensus estimate. As well, the company continues to benefit from rising demand for its software…