Cisco Systems and SunPower released their latest earnings reports after closing bell tonight. Cisco reported adjusted profits of 57 cents per share or $2.9 billion and $11.58 billion in revenue for the most recently completed quarter. Wall Street had been looking for 56 cents per share and $11.55 billion in sales. In the year-ago quarter, the tech firm reported
SunPower posted non-GAAP losses of 64 cents per share on $1 billion in GAAP revenue and $1.1 billion in non-GAAP sales for the fourth quarter. In the same quarter a year ago, the solar firm reported $374.4 million in revenue and non-GAAP earnings of $1.73 per share.
Cisco Systems shares slip
On a GAAP basis, Cisco Systems reported earnings of 47 cents per share or $2.3 billion for its second fiscal quarter, compared to 62 cents per share and $3.1 billion in the same quarter a year previously. Product revenue fell 4% year over year, while service revenue grew 5%. Deferred revenue rose 13% to $17.1 billion, including a 19% increase in deferred product revenue. The total gross margin was 62.8% on a GAAP basis, while the product gross margin was $61.1%. The non-GAAP total gross margin fell to 64.1%.
For the third fiscal quarter, the technology firm expects revenue to be flat to down 2% year per year. It expects GAAP earnings to be between 44 cents and 49 cents per share and non-GAAP earnings to be between 57 cents and 59 cents per share. Cisco Systems expects its non-GAAP gross margin to be between 63% and 64% for the quarter.
Shares of Cisco Systems ticked downward by as much as 0.55% to $32.64 in after-hours trades.
SunPower’s per-share losses widen
SunPower’s GAAP net loss per share widened to $1.99 from 93 cents per share in the year-ago quarter. Adjusted EBITDA fell from $379.9 million in the year-ago quarter to -$20.8 million. The company took a $61 million charge related to the sale of above market polysilicon and $176 million in restructuring charges.
SunPower’s GAAP gross margin fell from 5.4% in the fourth quarter of 2015 to -3.1% in the fourth quarter of 2016. The non-GAAP gross margin plunged from 28.8% in the year-ago quarter to -2% in the most recently completed quarter.
The solar firm reiterated his outlook for $1.8 billion to $2.3 billion in GAP sales and $2.1 billion to $2.6 billion in non-GAAP revenue for this year. It expects to deploy between 1.3 gigawatts and 1.6 gigawatts this year and record $50 million to $100 million in GAAP restructuring charges this year.
Shares of SunPower slumped in after-hours trades, falling by as much as 4.83% to $6.90.