Cisco (CSCO) Shares Higher Amid Q1 Beat
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Price: $78.64 -1.71%
Financial Fact:
Interest and other income (loss), net: 76M
Today's EPS Names:
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Financial Fact:
Interest and other income (loss), net: 76M
Today's EPS Names:
More
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Cisco Systems (Nasdaq: CSCO) reported a "solid quarter" Wednesday afternoon, according to Chairman and CEO John Chambers. Although the exec has a clear bias, investors seem to be generally agreeing: Cisco shares are trading up about 3 percent in the post-market session.
The San Jose-based company saw first-quarter 2012 net revenue climb about 5 percent from $10.75 billion in the same period last year to $11.256 billion. Analysts on the Street had been looking for Cisco to report sales of about $11.02 billion.
Net income fell nearly 8 percent from $1.93 billion in the year-ago quarter to $1.777 billion. Earnings per share came in at 33 cents, slightly lower than 34 cents in the first quarter of 2011. Pro-forma net income was down 3.7 percent to $2.322 billion, or about 43 cents per share. Notably, non-GAAP EPS rose from 42 cents last year. Analysts were expecting the tech giant to issue EPS of 39 cents.
Cisco's adjusted gross margin was 62.4 percent, better than the analyst estimate of 61.3 percent.
Chambers said, "We've completed the majority of our restructuring and have organized Cisco to successfully execute against our strategy of providing intelligent networks, architectures and integrated products that solve customers' business problems. Even in times of limited capital spending, intelligent networks are being deployed to drive new business, revenue and consumption models, enable new customer and employee experiences, and drive efficiencies. Cisco's leadership in networking, video, collaboration and cloud, offered together in an integrated architectural approach, uniquely positions Cisco as a strategic business partner."
On the call after the close, Cisco said it sees second-quarter 2012 sales up 7 to 8 percent, and earnings of 42 to 44 cents per share. The Street is currently expecting earnings of 42 cents per share.
Shares of Cisco last traded at $18.15.
The San Jose-based company saw first-quarter 2012 net revenue climb about 5 percent from $10.75 billion in the same period last year to $11.256 billion. Analysts on the Street had been looking for Cisco to report sales of about $11.02 billion.
Net income fell nearly 8 percent from $1.93 billion in the year-ago quarter to $1.777 billion. Earnings per share came in at 33 cents, slightly lower than 34 cents in the first quarter of 2011. Pro-forma net income was down 3.7 percent to $2.322 billion, or about 43 cents per share. Notably, non-GAAP EPS rose from 42 cents last year. Analysts were expecting the tech giant to issue EPS of 39 cents.
Cisco's adjusted gross margin was 62.4 percent, better than the analyst estimate of 61.3 percent.
Chambers said, "We've completed the majority of our restructuring and have organized Cisco to successfully execute against our strategy of providing intelligent networks, architectures and integrated products that solve customers' business problems. Even in times of limited capital spending, intelligent networks are being deployed to drive new business, revenue and consumption models, enable new customer and employee experiences, and drive efficiencies. Cisco's leadership in networking, video, collaboration and cloud, offered together in an integrated architectural approach, uniquely positions Cisco as a strategic business partner."
On the call after the close, Cisco said it sees second-quarter 2012 sales up 7 to 8 percent, and earnings of 42 to 44 cents per share. The Street is currently expecting earnings of 42 cents per share.
Shares of Cisco last traded at $18.15.
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