Research Triangle Park – Tech giant Cisco – one of the largest private sector employers in the Triangle – reported earnings and earnings that beat Wall Street expectations on Wednesday. On a conference call with his CEO, Chuck Robbins, the analyst was very optimistic.
Cisco (Nasdaq: CSCO) beat earnings expectations by a penny by 83 cents on revenue of $13.1 billion, beating estimates by nearly $327 million. However, according to business news site SeekingAlpha, revenue fell slightly by 0.2% year-over-year.
During the conference call, Robbins responded affirmatively to questions from analysts. Amit Daryanani discusses economic concerns such as customer inflation.
Yes, good question. And we — I’m saying that we cannot escape significant macro changes that result in an upshift in corporate spending. My comment is that we didn’t see any change in the physical demand signal as we entered the first quarter. that’s where we are.
I think we talked a lot on our last call about how I believe our customers’ view of technology post-pandemic will be very different than it was 7, 8, 9 years ago. If you ask a customer if they’re going to pause spending when , given what they’ve been dealing with over the last three years, they’ll say when there won’t be a crisis.
So in general I don’t hear much of a difference compared to your question about differences in buying behavior or what they are looking to buy from us. It influences the way we think about the products we buy during times like these because we want them.
In some cases, shipments and payments are made in the 2023 timeframe, so customers are looking to get ahead of lead times to budgets for fiscal 2023 and better understand what their budgets will look like. But other than that, I don’t see any big difference.
To read the full transcript, visit https://seekingalpha.com/article/4535341-cisco-systems-inc-csco-ceo-chuck-robbins-on-q4-2022-results-earnings-call-transcript please.