Cisco posted fiscal second-quarter , adjusted earnings of 88 cents per share, topping analysts’ expectations of vs. 86 cents per share (based on Refinitiv poll).
Revenue climbed +7% from the year-ago quarter to $13.59 billion, beating the $13.43 billion expected by analysts ( based on Refinitiv poll).
Revenue from Cisco’s largest business segment, Secure, Agile Networks, grew +14% year-over-year to $6.75 billion, exceeding the $6.52 billion consensus (StreetAccount poll). The Internet for the Future unit, which includes routed optical networking hardware, slipped -1% to $1.31 billion, vs. $1.32 billion StreetAccount consensus. Revenue from Cisco’s Collaboration division containing Webex plunged by -10% to $958 million, below StreetAccount’s $1.06 billion consensus.
For fiscal third-quarter, Cisco expects adjusted earnings of 96 cents to 98 cents per share, vs. analysts’ forecast of 89 cents . It projects +11% to +13% revenue growth, vs analysts’ implied growth forecast of almost +6%
For the 2023 fiscal year, Cisco boosted its forecast to $3.73 to $3.78 in adjusted earnings per share and 9% to 10.5% revenue growth. Both are well ahead of analysts’ estimates.