Cisco Systems (NASDAQ:CSCO) is expected to report an almost 20% year-over-year surge in earnings when it hands down its first quarter fiscal 2024 results after the closing bell in New York on Wednesday, November 15.
For the quarter ending October 28, 2023, the networking, cloud, and security solutions provider expects to report revenue in the range of $14.5 billion to $14.7 billion, up from $13.6 billion for the same period in fiscal 2023.
It projects adjusted earnings per share (EPS) of $1.02 to $1.04, also an improvement from $0.86 in the year-ago quarter.
Wall Street analysts expect sales and EPS at the midpoint of Cisco’s guidance, forecasting $14.61 billion and $1.03 respectively.
This would represent year-over-year increases of 7.2% and 19.8%.
Investors will also be looking to see if the company reiterates or even potentially raises its full-year fiscal 2024 guidance of revenue in the range of $57 billion to $58.2 billion and adjusted EPS in the range of $4.01 to $4.08.
Cisco shares traded slightly lower ahead of its results on Wednesday, down 0.2% at US$53.
- Updated with share price movement -
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