Cisco (CSCO) Stock Hits 52-Week High Backed By Q1 Results
Zacks Investment Research | Nov 16, 2017 10:37PM ET
Shares of Cisco Systems Inc. (NASDAQ:CSCO) rallied to a 52-week high of $36.67, eventually closing a tad lower at $35.88 on Nov 16.
The share price momentum can be primarily attributed to the company’s fiscal first-quarter 2018 earnings that came ahead of expectations. The company’s encouraging guidance has also been one of the tailwinds.
Cisco reported non-GAAP earnings of 61 cents per share in fiscal first-quarter 2018, beating the Zacks Consensus Estimate by a penny. Notably, revenues of $12.14 billion were almost in line with the Zacks Consensus Estimate. Acquisitions contributed 60 basis points (bps) to revenue growth in the quarter. Security and Applications revenues increased in the quarter.
The company raised second-quarter fiscal 2018 guidance on the back of order strength and improving traction in the subscription-based model.
Cisco stock has gained 18.7% year to date, substantially outperforming the 11.6% rally of the Zacks Investment Research
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