News & Analysis

Cisco tops Wall Street estimates

15 February 2024 By Klavs Valters


Cisco Systems Inc. (NASDAQ: CSCO) released the latest earnings results for fiscal Q2 of 2024 after market close in the US on Wednesday.

The US telecommunications company achieved revenue of $12.8 billion for the quarter vs. $12.706 billion. Revenue was down by 6% vs. the same period the year prior.

Earnings per share (EPS) reached $0.87, above Wall Street estimate of $0.836 per share. EPS was down by 1% year-over-year.

Cisco announced a 3% raise on its quarterly dividend of $0.40 per share for all shareholders on record as of 4/4/24.

For fiscal Q3 of 2024, the company expects revenue in a region of $12.1 to $12.3 billion. EPS expected at between $0.84 to $0.86 per share.

Company overview

  • Founded: 1984
  • Headquarters: San Jose, California, United States
  • Number of employees: 84,900 (2023)
  • Industry: Telecommunications
  • Key people: Chuck Robbins (CEO & Chairman)

CEO commentary

“We delivered a solid second quarter with strong operating leverage and capital returns,” Chuck Robbins, CEO of the company said in a press release.

“We continue to align our investments to future growth opportunities. Our innovation sits at the center of an increasingly connected ecosystem and will play a critical role as our customers adopt AI and secure their organizations,” Robbins concluded.

Stock reaction

Shares were up by 1.29% at the end of Wednesday’s session at $50.28 a share. The stock fell by around 4% in the after-hours trading.

Stock performance

  • 5 day: +0.32%
  • 1 month: -0.74%
  • 3 months: -6.29%
  • Year-to-date: -1.17%
  • 1 year: +3.05%

Cisco stock price targets

  • UBS Group: $55
  • Melius Research: $55
  • DZ Bank: $50
  • Rosenblatt Securities: $51
  • Piper Sandler: $50
  • Oppenheimer: $54
  • Tigress Financial: $76
  • Bank of America: $60
  • Deutsche Bank: $58
  • Barclays: $53
  • Citigroup: $55
  • Morgan Stanley: $56
  • Jefferies Financial Group: $59.50
  • Evercore ISI: $63
  • BNP Paribas: $45
  • JP Morgan Chase & Co.: $62

Cisco Systems Inc. is the 54th largest company in the world with a market cap of $203 billion, according to CompaniesMarketCap.

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Sources: Cisco Systems Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

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