Cisco: No Recession Here
Cisco (Nasdaq: CSCO) shares are rallying after the company boosted its profit and revenue guidance in its second quarter fiscal 2023 earnings report, released on Wednesday night. In early trading this morning, Cisco shares traded up $2.40 (4.9%) to $50.85.
After a couple years of very slow growth, Cisco said it has entered a new growth phase and eliminated many of the supply-chain issues it said were hampering business last year. The networking giant reported second-quarter revenue of $13.6 billion, a 7% jump over the same quarter in the prior year. It reported income of $3.6 billion or $0.88 per share on a non-GAAP basis, which the company said was a new record.
These were the best results in many years, boosting Cisco’s share price near its 52-week high.
“Fiscal '23 is shaping up to be very strong, fueled by demand for our cloud-driven networking portfolio, our continued business transformation success, and an improving supply situation,” said Cisco CEO Chuck Robbins on the quarterly conference call.
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