Cisco Set to Report Strong Q2 Earnings Amid Bullish Sentiment

Cisco Systems (NASDAQ:CSCO) is set to report its Q2 earnings this Wednesday after market close. The networking technology giant has a history of exceeding Wall Street's expectations, and analysts are anticipating another strong quarter. Cisco beat revenue estimates last quarter with revenues of $15.84 billion, up 12% year on year.

The market expects Cisco's revenue to grow 14.7% year on year this quarter, an improvement from the 7.6% increase in the same quarter last year. Analysts have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay on track heading into earnings.

Cisco's peers in the IT services and other tech segment have already reported their Q2 results, with some beating analysts' expectations. Applied Digital delivered a whopping 407% year-on-year revenue growth, while Gartner reported flat revenue that still topped estimates by 1.8%. The average share price of Cisco's peers has risen 6.5% over the last month, with Cisco itself up 3.1%

The company is heading into earnings with an average analyst price target of $132.59 compared to its current share price of $122.89.