Cisco reported revenue of $11.9 billion for its first fiscal quarter ended October 24, 2020, down 9% compared to a year earlier. GAAP net income was $2.2 billion or $0.51 per share, and non-GAAP net income of $3.2 billion or $0.76 per share. The results were ahead of market expectations.
“Our Q1 results reflect good execution with strong margins in a challenging environment,” said Kelly Kramer, CFO of Cisco. “We continued to transform our business through more software offerings and subscriptions, driving 10% year over year growth in remaining performance obligations. We delivered strong growth in operating cash flow and returned $2.3 billion to shareholders.”
Highlights:
- Product revenue was down 13% and service revenue up 2%.
- Revenue by geographic segment was: Americas down 10%, EMEA down 10%, and APJC down 7%.
- Product revenue was led by growth in Security, up 6%.
- Infrastructure Platforms was down 16% and Applications was down 8%.
- On a GAAP basis, total gross margin, product gross margin, and service gross margin were 63.6%, 62.7%, and 65.8%, respectively, as compared with 64.3% for each in the first quarter of fiscal 2020.
https://newsroom.cisco.com/press-release-content?type=webcontent&articleId=2109819