Cisco Systems (NASDAQ:CSCO) delivered a strong 4Q earnings report that came in ahead of expectations on Wednesday after market close, sending its shares 2.2% higher in extended trading.
The communications firm reported revenue of $15.2 billion for the quarter compared to the $15.05 billion expected by the Street, while its adjusted earnings per share came in at $1.14 versus $1.06 expected. Double-digit growth in software revenue, product ARR and outstanding contracts led to greater visibility and predictability, according to the company.
Shares of semiconductor company Wolfspeed slid nearly 14% following a wider-than-expected loss in its fiscal fourth quarter.
The company reported an adjusted loss of $0.42 per share, double its loss from a year earlier and compared to expectations of a $0.20 per share loss. Revenue came in at $235.8 million, up year-over-year from $228.5 million and above expectations of $222.82 million.
Fellow semiconductor firm Synopsys saw its shares rise after the company’s fiscal third-quarter earnings came in ahead of expectations.
The chip design firm posted earnings of $2.88 per share on revenue of $1.49 billion, compared to Street expectations of $2.47 per share and $1.48 billion, respectively.
Vivos Therapeutics (NASDAQ:VVOS) said its cost-cutting initiatives drove a significant reduction in its net loss during the second quarter when compared to the same period in 2022.
For the three months ended June 30, 2023, the company reduced its net loss by 21% or $1.5 million when compared to the year-ago quarter to $5.5 million. Its operating expenses were down by 31% or $2.9 million from the same period in 2022 to $6.6 million.
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