Cisco takes a hit as revenue outlook slips
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 16 November 2023
⏱️ 8 minutes
🧾️ Download transcript
Summary
Episode transcripts seekingalpha.com/wsb.
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Thursday, November 16th. I'm Julie Morgan. |
| 0:12.0 | Cisco is taking a hit pre-market after the company reported earnings on Wednesday. |
| 0:17.0 | Walgreens Boots Alliance is reportedly close to a pension deal. |
| 0:21.0 | And ExxonMobil CEO says big oil is not the villain. |
| 0:25.0 | Cisco Systems is down 11% pre-market after lowering its full-year |
| 0:31.4 | sales outlook. |
| 0:32.6 | Looking ahead, Cisco now sees full year 2024 sales between $53.8 and $55 billion, |
| 0:40.1 | down from a previous view of $ to 58.2 billion dollars. |
| 0:44.8 | This is happening amid a slowdown in new orders. |
| 0:47.9 | Analysts were expecting 57.84 billion in full year sales. |
| 0:53.2 | The company also sees fiscal 2024 earnings |
| 0:56.4 | between $3.87 and $3.93 per share, |
| 1:01.2 | excluding one-time items below the $4.05 per share estimate. |
| 1:06.7 | In a statement, Cisco said the primary reason for the slowdown is likely due to the fact that |
| 1:11.8 | customers are focused on installing and |
| 1:14.5 | implementing products after three quarters of strong product delivery. |
| 1:18.9 | Scott Herron, the CFO of Cisco, said that they expect to see product order growth rate to |
| 1:24.6 | accelerate in the second half of the year. He went on to say that they're |
| 1:28.3 | committed to delivering operating leverage and increasing capital returns to shareholders. |
| 1:34.4 | For the first quarter, Cisco generated $14.67 billion in revenue and earned $1.11 per share, |
| 1:41.9 | excluding one-time items. |
... |
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