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Cisco Systems Reduces Guidance After Noisy Quarter, Remains Free Cash Flow Giant Backed By Pristine Balance Sheet

publication date: May 19, 2022
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Image Source: Cisco Systems Inc – Third Quarter of Fiscal 2022 IR Earnings Presentation. 

On May 18, Cisco Systems reported third quarter earnings for fiscal 2022 (period ended April 30, 2022) that missed consensus top-line estimates but beat consensus bottom-line estimates (specifically for its non-GAAP performance). One of the biggest updates from this earnings report was that Cisco Systems reduced its full year guidance for fiscal 2022. The news initially sent shares of CSCO sharply lower, though Cisco Systems remains a free cash flow cow with a pristine balance sheet. It was an incredibly noisy earnings report for the firm for reasons we will cover in this article. We include Cisco Systems as an idea in both the Best Ideas Newsletter and Dividend Growth Newsletter portfolios and continue to like the name.

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