GoKawiilCisco Chairman and CEO Chuck Robbins speaks at a keynote address at the Cisco Live! conference in Las Vegas on June 7, 2023.
Cisco shares dropped in extended trading on Wednesday despite a better-than-expected earnings report and a revenue forecast that sailed past estimates.
Here's how the company did compared with analyst estimates, according to LSEG:
Earnings per share: $1.22 adjusted vs. $1.17 expected
$1.22 adjusted vs. $1.17 expected Revenue: $17.25 billion vs. $16.82 billion expected
Entering the fiscal fourth-quarter report, Wall Street had turned bullish on Cisco, pushing the stock up more than 60% this quarter and about 8% this month on optimism that the networking company would start playing a bigger role in the artificial intelligence boom.
Cisco's numbers suggest that's happening, even though the stock traded lower on the report. The company said it sees revenue this quarter of $18 billion to $18.2 billion, topping the $16.8 billion average estimate, according to LSEG.