Cisco Systems, Inc. (CSCO) disappoints as first-quarter revenue fell short of analysts’ expectations and issued weaker-than-expected guidance. Adjusted earnings per share of 82 cents per share were reported, versus 80 cents per share expected. Revenue of $12.90 billion was reported, versus $12.98 billion as expected by analysts. Revenue rose 8% in the first quarter from a year earlier. Net income of $3 billion was reported. The largest category under the new structure, Secure, Agile Networks, which includes data center networking switches, generated $5.97 billion in revenue, up by 10%.
The Internet for the Future category, comprising routed optical networking, public 5G, silicon, and optics products, reported $1.37 billion in revenue, up 46%. Revenue in the Hybrid Work category, including Webex collaboration products, dropped 7% to $1.11 billion.
Cisco expects second-quarter earnings-per-share to be between 80 cents and 82 cents, excluding some items, on 4.5% to 6.5% annualized revenue growth. For the full fiscal year, the company forecasts $3.38 to $3.45 in adjusted earnings per share and 5% to 7% revenue growth. Analysts were expecting earnings of $3.42 per share and $52.87 billion in revenue.
Cisco Systems, Inc. (CSCO) is a global technology leader that designs, manufactures, and sells Internet Protocol-based networking and other communications technology. To learn more about Cisco Systems, Inc. (CSCO) and to continue to track its progress please visit the Vista Partners Cisco Systems, Inc. Coverage Page
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