Shares of the well-known network equipment producer are trading 30% off their peaks. It is another example of a company that has suffered solely from the overall market correction without any business issues.

According to the company’s 2022 fiscal year report that ended July 30, CSCO made $51.6 billion in revenue, up by 3%, while earning per share (EPS) rose by 4% to $3.36. In the Q4 financial year 2022 that ended July 30 Cisco spend $2.4 billion under its own stock repurchase program ($7.7 billion for the entire fiscal year), and $1.5 billion on dividend ($6.4 billion). Cash and cash equivalents and the company’s investments are at $19.3 billion as of the end of FY 2022, while the overall debt of the company decreased to $.5 billion.

According to the company’s FY 2023, guidance revenue is expected to grow by 5-7%. That will allow the company to continue its buyback program along with an increase in dividends. The company’s management is expecting the market to expand to $400 billion by 2025 and this will allow the company to continue to increase its revenues further.