Cisco Systems, Inc. (NASDAQ: CSCO | CSCO Price Prediction) released fiscal first-quarter financial results after markets closed Wednesday. The firm said that it had $0.84 in earnings per share (EPS) and $13.2 billion in revenue, compared with consensus estimates that called for $0.81 in EPS and $13.09 billion in revenue. The same period from last year had $0.75 in EPS and $13.07 billion in revenue.
Total revenue increased 2% year over year, with product revenue up 1% and service revenue up 4%. Revenue by geographic segment was: Americas up 4%, EMEA up 4%, and APJC down 8%. Product revenue performance was led by growth in Security, up 22% and Applications, up 6%. Infrastructure Platforms revenue was down 1%.
Deferred revenue was $18.6 billion, up 11% in total, with deferred product revenue up 24%. Deferred service revenue was up 4%.
Looking ahead to the fiscal second quarter, the company expects to see EPS in the range of $0.75 to $0.77 and revenues declining in the range of 3% to 5% year over year. Consensus estimates are calling for $0.79 in EPS and $12.77 billion in revenue for the coming quarter.
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Chuck Robbins, chairman and CEO of Cisco, commented:
We delivered a solid quarter against a challenging macro environment. We’re focused on continuing to drive innovation, transform our business and exceed our customers’ expectations.
Shares of Cisco closed Wednesday at $48.46, within a 52-week range of $40.25 to $58.26. The consensus analyst price target is $54.96. Following the announcement, the stock was down about 5% at $45.85 in the after-hours session.
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