Cisco pops amid strong Q4 results, mixed guidance
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Cisco Systems (NASDAQ:CSCO) shares reversed earlier losses and
rose 3% in extended-hours trading on Wednesday after the networking giant reported fourth-quarter results that topped estimates but issued weak guidance for the coming fiscal year. 
For the period ending July 29, Cisco (CSCO) earned an adjusted $1.14 per share on $15.2B in revenue. Included in that was $11.65B in product revenue, $3.55B in service revenue and $8.13B in secure, agile networks-related revenue. 
Adjusted gross margins during the quarter were 65.9%, above the 65.1% estimate.
The company ended the period with $34.9B in remaining performance obligations, above estimates. 
A consensus of analysts were expecting the company to earn $1.05 per share on $15.05B in revenue.
Looking ahead, however, Cisco (CSCO) said it expects revenue for fiscal 2024 to fall within a range of $57B to $58.2B, below the $58.31B estimate. Full-year adjusted earnings are expected to be between $4.01 and $4.08 per share, compared to the consensus of $4.05 per share.
First-quarter sales are likely to be between $14.5B and $14.7B, with the mid-point slightly above the $14.57B estimate, while adjusted earnings are forecast to be between $1.02 and $1.04 per share. Analysts were expecting adjusted earnings of 99 cents per share for the coming period.
San Jose, California-based Cisco (CSCO) also said adjusted gross margins for the first-quarter are likely to be between 65% and 66%, above the estimate.
The company will host a conference call at 4:30 p.m. EST to discuss the results.

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