Cisco Systems reported Q1 revenues of $5.1 billion, up 8.5% from the $4.7 billion reported in the previous quarter and 5.3% over the same period last year. Net income increased to $1.1 billion from $982 million in the prior quarter and $618 million one year ago. President and CEO John Chambers described the results as “a solid quarter of continued operational excellence and year-over-year growth. We saw strength across our core switching and routing businesses, as well as traction in our advanced technologies.” Some highlights:
- Switching revenues were up approximately 10% sequentially over Q4 with the best growth in fixed switching.
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Service provider revenues increased sequentially and year-over-year. However, Chambers said he was “a little concerned that our peers have not seen this improvement.”
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Advanced technologies, including IP telephony, optical, storage, wireless LAN, security and home networking saw 15% sequential revenue growth, with the networked home, security, optical, and IP telephony showing the best growth. Cisco said it was disappointed with its progress in the storage area networking market.
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U.S. federal government business represented over 20% of total US enterprise orders.
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Cash and cash equivalents and total investments were $19.7 billion, down $1.0 billion during the quarter. During the first quarter, Cisco repurchased $2.0 billion of common stock.
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