Top 5 Earnings to Watch This Week

1. Cisco Systems, Inc. (NASDAQ:CSCO)

Number of Hedge Fund Holders: 63

Cisco Systems, Inc. (NASDAQ:CSCO) delivered better-than-expected results for its fiscal fourth quarter, as the tech giant benefitted from the ease in supply-chain disruptions during the quarter. Shares of Cisco Systems, Inc. (NASDAQ:CSCO) rose over five percent in the pre-market trading session on Thursday, August 18, 2022, following the results.

For the second quarter, Cisco Systems, Inc. (NASDAQ:CSCO) reported adjusted earnings of 83 cents per share, beating expectations by 1 cent. Revenue came in at $13.1 billion, while analysts were looking for $12.73 billion.

Moving forward, Cisco Systems, Inc. (NASDAQ:CSCO) expects adjusted earnings of 82 – 84 cents per share and revenue growth of 2 – 4 percent for its fiscal first quarter. In addition, it projected adjusted earnings of $3.49 – $3.56 per share and revenue growth of 4 – 6 percent for its fiscal year 2023.

Speaking on the results, CFO Scott Herren said:

“Total revenue exceeded our expectations in Q4, as a result of our strong execution and the numerous initiatives we have taken to reduce the impact of the global supply situation. Our operational discipline is reflected in our healthy operating margin and strong cash flow generation, enabling us to return nearly $4 billion to our shareholders in Q4. And we continue to make good progress in our business model transformation with RPO of over $31 billion, which, coupled with our record backlog, provide us with substantial visibility and confidence in our future revenue.”

You can also take a peek at Analyst Are Cutting Estimates on These 10 Tech Stocks and Jim Cramer Recommends These 10 Stocks For Recession.

Follow Insider Monkey on Twitter