Cisco (CSCO) Income is Q1 2021 –

Cisco (CSCO) Income is Q1 2021

CEO of Cisco Chuck Robbins speaks during the Vivatec (Viva Technology) trade fair in Paris on May 24, 2018.

Gerard Julian | AFP | Getty Images

Cisco shares rose 9% on Thursday after the company reported fiscal first quarter earnings and upbeat forecasts that exceeded analysts’ expectations.

Here’s how the company did:

  • Income: 76 cents per share expected by analysts, adjusted, vs. 70 cents per share, according to Refinitive.
  • Revenue: According to Refinitive, $ 11.93 billion expected by analysts, $ 11.85 billion.

In relation to the guidance, Cisco said it adjusted 74 cents to 76 cents per share and saw a 2% drop in flat revenue in the fiscal second quarter. Analysts provided by Refinitive expected 73 cents in adjusted earnings per share and $ 11.63 billion in revenue, meaning a 3% revenue decline for the period.

Overall, Cisco’s revenue declined 9% year-on-year in the quarter, according to a statement, with a 9% decline in the previous quarter. Revenue has now fallen for four consecutive quarters. The coronovirus epidemic and recession continued to challenge Cisco as its revenue still comes from the sale of equipment for corporate and government data centers and offices, while spending on cloud services has increased as people work from home.

Cisco’s infrastructure platform segment, which includes data center networking switches, delivered revenue of $ 6.34 billion, down 16% year-over-year and $ 6.45 billion among consensus-provided analysts by FactSet. It is the largest segment of Cisco’s business by revenue, and it is the one that is most affected by the virus.

The applications business, which includes Webex video-calling service and AppDirectix monitoring software, contributed $ 1.38 billion in revenue, down 8% and slightly below the FactSet consensus of $ 1.40 billion.

Cisco said Scott Herren, Autodesk’s chief financial officer for the past six years, would be a replacement for Cisco’s chief financial officer Kelly Kremer, whose retirement was announced in August.

In the quarter, Cisco announced a target to increase black representation among the executive ranks by 75% by 2023. In the quarter, Cisco acquired BabyBlabs, which could improve software quality and announce Vibex software enhancements.

As of Thursday’s close, Cisco shares had fallen nearly 20% so far this year, while the S&P 500 rose 9% in the same period.

Executive members will discuss the results with analysts on a conference call that begins at 4:30 pm Eastern Time.

This is breaking news. Please check back for updates.

Watch: Organizational Flexibility – Cisco’s Chuck Robbins and Franklin Katsoudas at CNBC @Work Summit


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