Cisco Systems, Inc. (CSCO) Crushes Q1 Earnings Results
It was a solid afternoon for #Cisco Systems, Inc. (NASDAQ:CSCO) as the company kicked off fiscal 2018 with a bang. ￼ In the company’s earnings call, it unveiled earnings of 61 cents per share on an adjusted basis, topping the year-ago mark of flat earnings. The figure was also a penny higher than analysts’ expectations. Revenue was a decent too for @Cisco Systems as the company raked in $12.14 billion for its first quarter of the fiscal year, topping Wall Street’s consensus estimate of $12.11 billion. The figure declined 2% compared to the year-ago mark. ￼ It was the company’s first time reporting earnings since a restructuring of its business, including changes in its infrastructure platforms, applications, security, services and other segments. Cisco Systems also shifted its recurring and subscription revenue models. The period also marked the first of eight quarters in which the company posted revenue above expectations. For its second quarter of the year, Cisco Systems forecasts earnings of 59 cents per share on an adjusted basis in the midpoint (58 to 60 cents), topping Wall Street’s guidance of 58 cents per share, on average. Revenue is also slated to grow by 1% to 3% compared to the year-ago period, while analysts’ see this figure as rising 1% year-over-year to $11.58 billion. Cisco Systems is based out of San Jose, California, developing, manufacturing and selling network hardware. CSCO stock gained 4.1% after the bell Wednesday.