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Technology Stocks : Semi Equipment Analysis
SOXX 296.26-3.9%Nov 4 4:00 PM EST
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From: Return to Sender11/15/2023 4:24:41 PM
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Cisco beats by $0.08, reports revs in-line; guides Q2 EPS and revs below consensus; guides FY24 EPS and revs below consensus; slowdown of new product orders in Q1

4:13 PM ET 11/15/23 | Briefing.com

Reports Q1 (Oct) earnings of $1.11 per share, excluding non-recurring items, $0.08 better than the FactSet Consensus of $1.03; revenues rose 7.6% year/year to $14.67 bln vs the $14.63 bln FactSet Consensus.Q1 non-GAAP operating margin of 36.6% vs 34-35% prior guidance.Co issues downside guidance for Q2 (Jan), sees EPS of $0.82-0.84, excluding non-recurring items, vs. $0.99 FactSet Consensus; sees Q2 revs of $12.60-12.80 bln vs. $14.19 bln FactSet Consensus.Co guides to Q2 non-GAAP op mgn of 31.5-32.5%.
Co issues downside guidance for FY24, sees EPS of $3.87-3.93, excluding non-recurring items, vs. $4.05 FactSet Consensus; sees FY24 revs of $53.80-55.00 bln vs. $57.78 bln FactSet Consensus.Cisco saw a slowdown of new product orders in Q1 and believes the primary reason is that customers are currently focused on installing and implementing products in their environments following exceptionally strong product delivery over the past three quarters. Cisco estimates there are 1-2 quarters of shipped product orders still waiting to be implemented by its customers. After customers implement large amounts of recently shipped product, co expects to see product order growth rates accelerate in the second half of the year.
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