Tech stocks endured a challenging 2022 due to the Fed’s seven interest rate hikes. Over the past year, the tech-heavy Nasdaq Composite has declined 25.6%. San Jose, California- based tech major Cisco Systems, Inc. (CSCO) has gained 20.4% in price over the past three months and 14.5% over the past six months to close the last trading session at $48.88.
The stock’s outperformance can be attributed to its fiscal first-quarter results, where CSCO surpassed the consensus revenue and EPS estimates. Its EPS came 2.9% higher than analyst estimates, and its revenue beat the consensus estimate by 2.6%.
