Market Updates
Cisco Quarterly Net Falls 6%, Estimates 2023 Revenues Growth Between 4% and 6%
Scott Peters
18 Aug, 2022
New York City
Cisco Systems increased 6.8% to $49.85 after the networking equipment maker reported better-than-expected revenues and earnings.
Cisco said revenues in the fiscal year fourth quarter ending in July were flat at $13.1 billion and net income declined 6% to $2.8 billion from a year ago.
Diluted earnings per share fell to 68 cents from 71 cents a year ago.
The networking gear maker estimated revenues in the first quarter ending in October to increase between 2% and 4% and earnings per share between 64 cents and 68 cents.
Cisco also estimated full-year revenues to rise between 4% and 6% and earnings per share to fall between $2.77 and $2.88.
In the fourth quarter Cisco returned $4.0 billion to stockholders through share buybacks and dividends.
Cisco paid a cash dividend of $0.38 per common share or $1.6 billion, and repurchased approximately 54 million shares of common stock under the current repurchase program at an average price of $44.02 a share for an aggregate purchase price of $2.4 billion.
The remaining authorized amount for stock repurchases under the program is $15.2 billion with no termination date.
In the fiscal year ending in July 2022, total revenues increased 3% to $51.6 billion net income rose 12% to $11.8 billion, an increase of 12%.
Earnings per share increased 13% to $2.82.
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