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Cisco Systems, Inc. (NASDAQ:CSCO) released its earnings numbers for the first quarter of 2014 this afternoon after the market closed on Wall Street. The company showed earnings per share of 53 cents for the three month period. Revenue came in at $12.09 billion for the quarter. On today’s market shares in Cisco Systems trended up a fraction and finished the day at $24 per share.
In the run-up to the release of this earnings report 36 analysts following Cisco Systems, Inc. (NASDAQ:CSCO), who were surveyed by Bloomberg, were looking for consensus earnings of 51 cents per share. The company’s revenue was expected to come in at $12.3 billion for the period according to a consensus estimate from the same analysts.
In the same three months of 2012 Cisco Systems, Inc. (NASDAQ:CSCO) managed to earn 48 cents per share. Revenue in the first quarter of 2013 came in at $11.9 billion. Earnings at Cisco are growing, but the market is nervous about the company’s prospects for the full year 2014. In its second quarter earnings report the company told investors that outlook for 2014 was not all that positive.
Cisco Systems, Inc. (NASDAQ:CSCO) has surprised on its earnings releases for several quarters running, but that’s not enough for investors who have priced growth into the company’s stock. A weak outlook for the full year 2014 hit the firm’s share price, and it hasn’t recovered since the company told investors what to expect.
After revealing its outlook for 2014 Cisco Systems, Inc. (NASDAQ:CSCO) shares in the company fell and have not recovered all that much since. The company’s stock reached a high of more than $26 per share in August before its guidance for 2014 was revealed. On today’s market shares in the company were trading at just under $24.
Executives from Cisco Systems, Inc. (NASDAQ:CSCO) will host a conference call to discuss this earnings report at 4:30PM EST. The company’s shareholders will be asking about the company’s guidance for 2014, and any plans the company has to increase its growth rate. The Cisco annual shareholders meeting is due to be held on November 19.