Cisco posts revenue of $13.2 billion, up 2% yoy

Cisco reported revenue of $13.2 billion for the first quarter of its FY20, up 2% year-over-year, with product revenue up 1% and service revenue up 4%.  On a GAAP basis, total gross margin, product gross margin, and service gross margin were each 64.3%, as compared with 62.3%, 61.6%, and 64.6%, respectively, in the first quarter of fiscal 2019. GAAP operating income was $3.6 billion, down 6%, with GAAP operating margin of 27.2%. Non-GAAP operating

income was $4.4 billion, up 6%, with non-GAAP operating margin at 33.6%.

“We delivered a solid quarter against a challenging macro environment,” said Chuck Robbins, chairman and CEO of Cisco. “We’re focused on continuing to drive innovation, transform our business and exceed our customers’ expectations.”

Revenue by geographic segment was: Americas up 4%, EMEA up 4%, and APJC down 8%. Product revenue was led by growth in Security, up 22% and Applications, up 6%. Infrastructure Platforms was down 1%.