Chairman and CEO John Chambers has said that the company’s cash and cash equivalents was about $45 billion at the end of the quarter. Chambers also said that The Internet of Everything is offering Cisco will create unprecedented possibilities. Chambers just said in his comments that it had 62.7% in its gross margin.
Cisco repurchased some 15 million shares of common stock at an average price of $16.44 per share for 253 million, which means that it has retired 3.8 billion shares at an average price of $20.34 per share for a total of $76.4 billion since the inception of the stock repurchase program. As of now, the remaining authorized amount for stock repurchases is approximately $5.6 billion with no termination date.
Cisco guidance usually does not come until the conference call. With the coming fiscal cliff impacting government spending by so much, we expect Cisco to offer a wider range for its guidance ahead and we also expect that many caveats will be included along the lines of how unpredictable the spending cuts may be on equipment. Thomson Reuters has estimates for the second quarter ending in January 2013 as $0.48 EPS and $12.07 billion in revenue.
Cisco shares closed flat at $16.85 today against a 52-week range of $14.96 to $21.30. As of about 4:12 p.m. EST the stock was up almost 3% or $0.50 in the after-hours to $17.38.
Until we get guidance, we would consider this unfinished business.
JON C. OGG
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.