Many tech stocks rebounded in 2023 from the prior year's steep downturn, and Silicon Valley veteran Cisco Systems (NASDAQ: CSCO) was among them. Shares reached a 52-week high of $58.19 on Sept. 1. But the stock plunged in mid-November after Cisco released earnings for its fiscal first quarter, which ended Oct. 28. Investors clearly found something in the earnings report concerning.

For bargain hunters who are wondering if this drop has created a good buying opportunity, the question is: Are the things that triggered the sell-off long-term issues, or short-term ones that can be expected to eventually dissipate? Let's dive in and see.

Cisco actually delivered amazing results in the latest quarter. It was the strongest Q1 in company history in terms of revenue and profit. Sales rose 8% year over year to $14.7 billion, and net income grew 36% to $3.6 billion as the company met pent-up demand that had been left previously unfilled due to supply chain constraints.

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Source Fool.com