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Cisco Puts Up Record Q1 FY 2024 Results, Outlook Hindered By Order Slowdown

publication date: Nov 15, 2023
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On November 15, Cisco Systems reported strong first quarter results for its fiscal 2024, but the company surprisingly lowered its outlook for the remainder of its fiscal year on a slowdown in new orders. We’re not rushing to judgement of the company, but the revision was rather sizable, and we’ll be taking a close look at our valuation model following the report. We continue to be fans of Cisco’s intent to purchase Splunk, and there may have been some hiccups in the sales cycle as the firm works to close this strategic deal. For now, we’re giving the firm the benefit of the doubt that things will improve in the back half of its fiscal 2024. Cisco remains an idea in both the Best Ideas Newsletter portfolio and Dividend Growth Newsletter portfolio.

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