Cisco beats estimates
Hardware networking giant Cisco (CSCO) announced its third quarter of fiscal 2019 results on May 15. The quarter ended on April 27. Cisco reported revenue of $13.0 billion, a rise of 4% YoY. Adjusted net income rose 8% to $3.5 billion, while adjusted EPS rose 18% to $0.78. Cisco experienced a strong quarter driven by a solid order book, revenue growth, and margin expansion. Total product order for Cisco rose 4%, while product revenue rose 7% to $9.7 billion in the third quarter.
Sign up for Bagels & Stox, our witty take on the top market and investment news, straight to your inbox! Whether you’re a serious investor or just want to be informed, Bagels & Stox will be your favorite email.
Analysts estimated Cisco to post revenue of $12.89 billion in the third quarter and earnings per share of $0.77. After Cisco beat analyst earnings and revenue estimates in the third quarter, the stock rose 2.8% in after-hours trading.
Long-term drivers for Cisco
Cisco is optimistic about its long-term strategy. The company claims to be building the only integrated multi-domain intent-based architecture with a primary focus on security to enable enterprises to connect users and devices over multiple networks or to any application. Cisco is also looking to integrate machine learning and artificial intelligence capabilities across its entire portfolio.
During Cisco’s earnings call, company CEO Charles Robbins stated, “New technologies like cloud, AI, IoT, 5G and WiFi 6, among others, are coming together to revolutionize the way we operate our businesses and deliver new experiences for our customers and teams. We are fundamentally changing the way our customers approach their technology infrastructure to address the rising complexity in their IT environments.”
Cisco (CSCO) is a market leader in the enterprise Application business segment as well.
After opening on a bearish note on Wednesday, Tesla (TSLA) was trading with 4.8% losses for the day, near $195.25 at 1:16 PM ET.
With voting conducted in seven phases panning six weeks, India’s (EPI) elections have been a grand affair—to say the least. Tomorrow is the day of the results.
Qualcomm (QCOM) stock fell more than 10% in the first half of trading on May 22 after it lost its licensing lawsuit with the US FTC (Federal Trade Commission).
Apple (AAPL) suffered a setback recently when the US Supreme Court allowed an antitrust lawsuit against the company to proceed.
Today doesn’t seem to be a good day for electric vehicle companies. Earlier today, NIO stock hit an all-time low of $4.00.
The cannabis sector has been struggling to find direction on May 22, with cannabis stocks trading on a largely mixed note in the first half.