U.S. Movers: Cisco Systems, Ulta Beauty, Snowflake, Walmart

Scott Peters
15 Aug, 2024
New York City

Cisco Systems jumped 7.9% to $49.03, and the networking equipment maker reported better-than-expected fiscal fourth quarter results. 

Revenue declined 10% to $13.6 billion from $15.2 billion, net income plunged 45% to $2.2 billion from $4.0 billion, and diluted earnings per share dropped to 54 cents from 97 cents a year ago. 

For the full-year fiscal 2024, revenue dropped 6% to $53.8 billion from $57.0 billion, net income plunged 18% to $10.3 billion from $12.6 billion, and diluted earnings per share decreased to $2.54 from $3.07 a year ago. 

Cisco declared a quarterly dividend of 40 cents per share payable on October 23 to shareholders on record on October 2. 

The company guided fiscal 2025 first quarter revenue to fall between $13.65 billion and $13.85 billion and earnings per share between 35 cents and 42 cents. 

The company also announced its plans to cut 7% of its global workforce. 

Walmart Inc. soared 8.8% to $74.70, and the discount retailer reported better-than-expected revenue and earnings in its latest quarter. The company lifted its annual estimate on the back of the strength in its first-half results. 

Consolidated revenue in the second quarter increased 4.8% to $169.3 billion from $161.6 billion, net income plunged to $4.7 billion from $8.1 billion, and diluted earnings per share dropped to 56 cents from 97 cents a year ago. 

Walmart U.S. sales increased by 4.1% to $115.3 billion from $110.9 billion, driven by comparable sales excluding fuel sales at stores rising by 4.2%, the number of transactions increasing by 3.6%, and the average ticket size advancing by 0.6%. 

The retailer guided fiscal third-quarter sales of $159.4 billion, operating income of $6.2 billion, and adjusted earnings per share of 51 cents. 

The retailer issued a cautious outlook for the second half, citing geopolitical tensions and upcoming U.S. elections, that could impact consumer sentiment. 

Ulta Beauty soared 12.7% to $370.11 after Berkshire Hathaway acquired a stake in the cosmetic retailer worth $266 million. 

Snowflake Inc. declined 3.2% to $123.17 after Berkshire Hathaway sold its entire stake in the cloud service provider, according to its latest regulatory filing.