Cisco Systems (CSCO – Free Report) is set to release its first-quarter fiscal 2024 results on Nov 15.The company anticipates first-quarter fiscal 2024 revenues to be between $14.5 billion and $14.7 billion. Non-GAAP earnings are expected between $1.02 and $1.04 per share.The Zacks Consensus Estimate for revenues is pegged at $14.61 billion, indicating an increase of 7.17% from the year-ago quarter’s reported figure.The consensus mark for earnings has been stable in the past 30 days at $1.03 per share. The figure suggests an increase of 19.77% from the prior-year quarter’s levels.Let’s see how things have shaped up for Cisco prior to this announcement.
Cisco Systems, Inc. Price and EPS Surprise
Cisco Systems, Inc. price-eps-surprise | Cisco Systems, Inc. Quote
Factors Likely to Influence Q1 ResultsCisco’s first-quarter fiscal 2024 results are expected to have suffered from seasonal weakness. However, it is expected to have benefited from its extensive product portfolio and varied end-user base.The company’s top-line growth is expected to reflect benefits from strong demand for the Catalyst 9000 family, Cisco 8000, Wireless, Meraki, ThousandEyes and Duo solutions.Cisco has been witnessing robust demand for its 400-gig products and the trend is expected to have continued in the fiscal first quarter.Moreover, the availability of Microsoft Teams on Cisco meeting room devices is expected to have driven demand for these devices. The addition of artificial intelligence (AI) features to Webex is expected to have driven the user base in the to-be-reported quarter.
Key Development in Q1In the fiscal first quarter, based on its partnership with Nvidia (NVDA – Free Report) , Cisco announced the launch of Room Kit EQX and the expansion of its Cinematic Meetings capabilities, both powered by the former’s AI engine.The partnership with Nvidia is helping Cisco to offer enhancing collaboration experiences with audio and video intelligence and enabling more equitable hybrid meetings.
What Our Model SaysPer the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.Cisco has an Earnings ESP of 0.00% and currently carries a Zacks Rank #3. More By This Author:3 Diversified Chemical Stocks To Watch Amid Demand WorriesAirline Stock Roundup: Allegiant’s Q3 Earnings Miss, Gol Linhas’ Loss & MoreSoundHound AI Q3 Earnings In Line, Revenues Rise Y/Y
