Squawk on the Street
Walmart Beats, Cisco CEO Exclusive, Fed for Thought: Ten-Year Yield Hits 2008 High 8/17/23
Aug 17, 2023
Chuck Robbins, CEO of Cisco, discusses the company's earnings beat and AI outlook. Walmart's better-than-expected results and raised guidance cause stock volatility. Ten-year yield hits a fresh 15-year high. China's challenges and growth targets mentioned. Impact of rising yields on tech companies. Transition to a software company with recurring revenue. Concerns about economic impact and market conditions. AI's impact on consulting jobs and stock investment discussions.
42:43
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Quick takeaways
- Walmart's strong Q2 results were driven by customer demand for bargains and increased e-commerce services, but concerns remain about future sales projections and operating income growth.
- Cisco CEO Chuck Robbins highlights the company's focus on artificial intelligence, with the launch of an AI-specific chip and collaboration with hyperscalers, positioning itself to be a leader in the AI space.
Deep dives
Walmart posts better than expected second quarter results
Walmart reported better than expected second quarter results, with US comps up 6.4% and e-commerce jumping 24%. The retail giant's strong performance was attributed to customers seeking bargains and increased pickup and delivery services. Despite positive results, concerns lingered about operating income growth and future sales projections.
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