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

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. 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. AIRE shares fell 8.4% to $11.17 in pre-market trading.
• Palo Alto Networks, Inc. PANW fell 5.3% to $242.50 in pre-market trading after reporting first-quarter results.
• Lufax Holding Ltd 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. 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. NTES declined 3.6% to $111.00 in pre-market trading after reporting third-quarter results.
• Plug Power Inc. 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. 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.

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