Cisco Stock Plummets After Missing Quarterly Revenue Estimate

Cisco  (CSCO) – Get Cisco Systems, Inc. Report shares on Wednesday dropped following the release of the company’s first-quarter results, which showed its quarterly revenue of $12.9 billion missed estimates of $12.98 billion.

The San Jose, Calif., tech giant reported net income of $3.5 billion, or 82 cents a share, which beat an average estimate of 80 cents a share from Refinitiv analysts for the first quarter ending Oct. 30.

Despite missing estimates, Cisco’s quarterly revenue and earnings per share were up 8% year-over-year.

The company’s second quarter guidance calls for 4.5% to 6.5% revenue growth year-over-year, with earnings of 80 cents to 82 cents a share. For fiscal year 2022, the company forecasts 5% to 7% revenue growth and earnings of $3.38 to $3.45 a share.