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Cisco Cuts Annual Guidance, Joins NetEase And Other Big Stocks Moving Lower In Thursday's Pre-Market Session

Published 16/11/2023, 10:14
© Reuters Cisco Cuts Annual Guidance, Joins NetEase And Other Big Stocks Moving Lower In Thursday's Pre-Market Session
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Benzinga - by Lisa Levin, Benzinga Editor.

U.S. stock futures traded slightly lower this morning on Thursday, with the Nasdaq futures falling around 30 points this morning.

Shares of Cisco Systems, Inc. (NASDAQ: CSCO) shares fell in pre-market trading following quarterly results.

Cisco reported upbeat earnings for its first quarter but lowered its earnings and sales projections for FY24.

Cisco said first-quarter revenue increased 8% year-over-year to $14.67 billion, which beat the consensus estimate of $14.62 billion. The company reported quarterly earnings of $1.11 per share, ahead of analyst estimates of $1.03 per share, according to Benzinga Pro.

Cisco cut full-year 2024 revenue expectations from $57 billion to $58.2 billion to a new range of $53.8 billion to $55 billion. The company also cut full-year earnings from a range of $4.01 to $4.08 per share to a new range of $3.87 to $3.93 per share.

Cisco shares fell 11% to $47.43 in pre-market trading.

Here are some other big stocks recording losses in today’s pre-market trading session.

  • reAlpha Tech Corp. (NASDAQ: AIRE) shares fell 8.4% to $11.17 in pre-market trading.
  • Palo Alto Networks, Inc. (NASDAQ: PANW) fell 5.3% to $242.50 in pre-market trading after reporting first-quarter results.
  • Lufax Holding Ltd (NYSE: LU) shares declined 4.7% to $0.9524 in pre-market trading after jumping 21% on Wednesday. The company reported net profit of RMB131 million (US$18 million) for the third quarter, versus RMB1,355 million in the year-ago period.
  • XPeng Inc. (NYSE: XPEV) shares fell 4% to $ 16.70 in pre-market trading. XPeng, on Wednesday, reported a third-quarter FY23 sales growth of 25% year-on-year, to RMB8.53 billion ($1.17 billion).
  • NetEase, Inc. (NASDAQ: NTES) declined 3.6% to $111.00 in pre-market trading after reporting third-quarter results.
  • Plug Power Inc. (NASDAQ: PLUG) fell 3.4% to $4.20 in pre-market trading. The company recently reported worse-than-expected third-quarter financial results.
  • Li Auto Inc. (NASDAQ: LI) fell 3.2% to $39.24 in pre-market trading. Li Auto recently reported third-quarter FY23 revenue growth of 271.2% year-on-year to $4.75 billion.
Now Read This: Jim Cramer Likes Founder Of AI Company, But Stock Is 'Losing A Fortune' And There's 'Too Much Hype There'

Don’t forget to check out our premarket coverage here

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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