Cisco Systems (NASDAQ:CSCO) fourth-quarter results exceeded the predictions of Wall Street, primarily driven by the increasing interest of businesses in artificial intelligence, security, and cloud solutions. As a result, shares rose more than 2% pre-market today.
The company’s management highlighted gains in market share and potential within the field of AI during the earnings call. The company’s reported earnings per share (EPS) amounted to $1.14, with a revenue of $15.2 billion. These figures surpassed the expectations of Wall Street, which had projected an EPS of $1.06 and revenue of $15.05 billion.
Cisco anticipates adjusted earnings in the range of $1.02 to $1.04 for the first quarter, accompanied by a revenue ranging from $14.5 billion to $14.7 billion. Street estimates stood at $0.99 for adjusted EPS and $14.6 billion for revenues.
As for the outlook for 2024, the company predicts an adjusted EPS ranging from $4.01 to $4.08, along with a revenue spanning from $57.0 billion to $58.2 billion. Wall Street analysts had anticipated an adjusted EPS of $4.04 and revenue of $58.4 billion.