45.80 +0.90 (2.00%)
Pre-Market: 8:16AM EDT
|Bid||45.54 x 3000|
|Ask||45.87 x 800|
|Day's Range||44.12 - 44.95|
|52 Week Range||32.40 - 58.26|
|Beta (5Y Monthly)||0.95|
|PE Ratio (TTM)||17.80|
|Earnings Date||Aug. 12, 2020|
|Forward Dividend & Yield||1.44 (3.21%)|
|Ex-Dividend Date||Apr. 02, 2020|
|1y Target Est||46.19|
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While that should theoretically benefit switch-makers Cisco and Arista Networks, companies large and small are pulling back or hitting pause on their IT investments whenever possible. Throw in some supply disruption, and both Cisco and Arista saw declining sales and profits in the first quarter. In the enterprise switching world, Cisco has long been the dominant player, emerging in the 1990s.
Cisco Systems (NASDAQ: CSCO) and International Business Machines (NYSE: IBM) have one big thing in common. Twenty years ago, Cisco briefly had the largest market cap of any company in the world. This happened as Cisco products built the infrastructure of a then-burgeoning internet.
Cisco said that its popular WebEx video service has exploded since social distancing orders were put in place.
Cisco beat on both earnings and revenues and provided a solid guidance, stating that demand for tech gear and security support due to prolonged work from home during the coronavirus pandemic will help to drive near-term sales.
"Secondary collateral damage" is how Cisco Systems (NASDAQ: CSCO) CEO Chuck Robbins described the impact of the novel coronavirus pandemic on the networking hardware provider. With many of Cisco's customers facing the most uncertain economic environment in recent memory, the company is experiencing a pause in orders. In the fiscal third quarter, Cisco's total revenue slumped 8%, and revenue from the core infrastructure platforms segment tumbled 15%.
Communication has been vital during this global stay-at-home initiative. Humans are interactive beings, and digital communication software has allowed us to stay connected.
Wall Street surged on Thursday as investors weighed the prospect of economic recovery against bellicose remarks from President Donald Trump regarding U.S.-China trade and a whistleblower's dire warnings about the U.S. response to the coronavirus pandemic. The S&P 500 posted four new 52-week highs and 16 new lows; the Nasdaq Composite recorded 23 new highs and 117 new lows.
The S&P edged higher on Thursday as investors weighed the prospect of additional stimulus and states reopening for business against bellicose remarks from President Donald Trump about U.S.-China trade negotiations and dire warnings from a whistleblower about the U.S. response to the coronavirus pandemic. The Dow joined the S&P in the black, while tech shares held the Nasdaq in negative territory. Comments by Trump late Wednesday blamed China for the coronavirus outbreak and revived trade war fears, even as mandated lockdowns continue to damage the economy.
The stock market was volatile on Thursday, declining early, recovering, then declining again. The Dow Jones Industrial Average (DJINDICES: ^DJI) was down around 0.3% at 11:30 a.m. EDT. Cisco Systems (NASDAQ: CSCO) was the Dow's top performer on Thursday, boosted by a quarterly report that wasn't as bad as expected.
U.S. stocks ended lower on Wednesday as investors weighed a grim outlook on the economy for the near-term by Fed Chair Jerome Powell as federal and state officials across the country are actively engrossed in reopening the economy gradually.
Cisco's (CSCO) third-quarter fiscal 2020 results reflect weakness in the commercial end market and coronavirus crisis-led supply chain constraints, amid robust adoption of security solutions.
At the request of Cisco, today's conference is being recorded. Now, I would like to introduce Marilyn Mora, Head of Investor Relations. Welcome everyone to Cisco's third quarter fiscal 2020 quarterly earnings conference call.
(Bloomberg) -- Cisco Systems Inc. gave a better-than-feared sales forecast, helped by a boom in remote work and online activity that is stoking demand for the company’s network equipment.Revenue in the fiscal fourth quarter, which ends in July, will fall 8.5% to 11.5% from a year earlier, the San Jose, California-based company said Wednesday in a statement. At the mid point. that indicates revenue of about $12 billion, slightly more than analysts expected. Adjusted profit will be 72 cents to 74 cents a share, also ahead of analysts’ projections, according to data compiled by Bloomberg.“The pandemic has driven organizations across the globe to digitize their operations and support remote workforces at a faster speed and greater scale than ever before,” Chuck Robbins, chief executive officer of Cisco, said. The shares rose 2.8% in extended trading, after closing at $41.95 in New York.Spending on data centers, servers and other equipment has increased to support millions of employees working from home over the internet. As the largest provider of switches and other gear for computer networks, Cisco benefits from this trend. The company has also touted a surge in use of its Webex video conferencing service. However, a recession has begun, limiting technology spending by companies and governments.During a conference call, Robbins was asked whether orders will decline again if the economy slows further. The CEO said he thinks that’s already happened. Some industries like travel and leisure are not spending, while elsewhere the crisis has spurred investment to update network infrastructure, he added.“Anyone who’s going to be in trouble three to six months from now is already pausing,” Robbins told analysts.Cisco said net income in the fiscal third quarter fell to $2.8 billion, or 65 cents a share, from $3 billion, or 69 cents, a year earlier. Revenue fell 8% to $12 billion, matching Wall Street estimates. Excluding certain items, Cisco posted profit of 79 cents a share, beating analysts’ expectations.Cisco’s hardware business reported revenue of $6.43 billion, down 15% from a year earlier. Applications, its software unit, saw sales fall 5% to $1.36 billion, while security revenue rose 6% to $776 million.Cisco CEO Tells Staff Jobs Are Safe, Urges Others to Avoid CutsIn mid-April, Cisco said it would offer $2.5 billion in financing to customers to encourage them to keep buying equipment during the Covid-19 pandemic. Some buyers of Cisco gear, services and software will be given a 90-day holiday on payments, and can defer 95% of the cost of what they purchase until January 2021. All Cisco products are eligible for the program.Cisco to Provide $2.5 Billion in Financing for Customers(Updates with CEO comments in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Cisco (CSCO) delivered earnings and revenue surprises of 9.72% and 0.91%, respectively, for the quarter ended April 2020. Do the numbers hold clues to what lies ahead for the stock?