Cisco Systems (CSCO, Financial) is set to announce its first-quarter earnings for the fiscal year 2024. Analysts at J.P. Morgan have expressed optimism about the company's stock, suggesting there is room for further growth. Market expectations indicate an earnings per share (EPS) of $0.87, reflecting a 21.6% decrease from the same period last year. Revenue forecasts are around $13.76 billion, a 6.2% decline year-over-year. Over the past month, EPS projections have been slightly reduced by 0.6% on average.
Despite past challenges, Cisco has managed to surpass Wall Street's EPS expectations for the last four consecutive quarters. The fiscal year 2024 is pivotal for the company, as it witnesses robust order growth and improving profit margins, even amidst declining annual sales and profits. Investors are keenly observing the upcoming earnings release for insights into Cisco's trajectory in the new fiscal year.
Cisco recently reached a 52-week high in stock price, driven by promising growth prospects in artificial intelligence, strategic investments in cloud computing, and cybersecurity, along with a strong partner ecosystem. Over the past three months, its stock has risen by an impressive 20%. Analysts from J.P. Morgan maintain a positive outlook on Cisco's potential for further stock appreciation.
