Cisco Systems Inc (CSCO – Analyst Report) is a leading company in Internet networking. Its Internet Protocol-based networking solutions are the foundation of the Internet and most corporate, education, and government networks around the world; the company provides the broadest line of solutions for transporting data, voice and video within buildings, across campuses, or around the world. Cisco Systems was founded in 1984 and is headquartered in San Jose, California.
Currently, Cisco Systems has a Zacks Rank #3 (Hold), but it is subject to change following the release of the company’s latest earnings report. We have highlighted some of the key statistics from this just announced report below.
Cisco Systems:
1. Beats earnings estimates. The company posted $0.54 EPS, surpassing our Zacks Consensus Estimate of $0.51 (this number excludes $0.06 from non-recurring items).
2. Beat revenue estimates. The company saw revenue figures of $12.7 billion, a 4% year-over-year increase, beating our estimate of $12.6 billion.
3. Posted non-GAAP operating income of $3.9 billion and non-GAAP net income of $3 billion.
4. CEO Chuck Robbins said that “Q1 was a very strong quarter. We are accelerating our ability to deliver on growth opportunities, aggressively driving our cloud business, and delivering continued strength in our deferred product revenue, as we sell more of our portfolio in software and cloud models.”
5. CSCO was down $1.23, or 4.42%, to $26.60 as of 4:40 PMET in after hours trading shortly after its earnings report was released.
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