Cisco Systems (CSCO) reported earnings on Wed 15 Feb 23 (a/h)

 

Cisco beats by $0.02, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY23 guidance; raises dividend 3%

• Reports Q2 (Jan) earnings of $0.88 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.86; revenues rose 6.9% year/year to $13.59 bln vs the $13.41 bln S&P Capital IQ Consensus.
• Total annualized recurring revenue (ARR) at $23.3 billion, up 6% year over year and product ARR up 11% year over year
• Total software revenue up 10% year over year and software subscription revenue up 15% year over year
• Remaining performance obligations (RPO) at $31.8 billion, up 4% year over year and product RPO up 7% year over year
• Co issues upside guidance for Q3, sees EPS of $0.96-0.98, excluding non-recurring items, vs. $0.89 S&P Capital IQ Consensus; sees Q3 revs of +11-13% yr/yr to $14.25-14.50 bln vs. $13.59 bln S&P Capital IQ Consensus.
• Co issues raised guidance for FY23, sees EPS of $3.73-3.78 from $3.51-3.58, excluding non-recurring items, vs. $3.55 S&P Capital IQ Consensus; sees FY23 revs of +9.0-10.5% yr/yr to $56.2-56.97 bln from $53.88-54.91 bln vs. $54.5 bln S&P Capital IQ Consensus.
• Cisco has declared a quarterly dividend of $0.39 per common share, a 1-cent increase or up 3%, over the previous quarter's dividend, to be paid on April 26, 2023 to all stockholders of record as of the close of business on April 5, 2023. Future dividends will be subject to Board approval.