Cisco’s First-Quarter Earnings Beat Analysts’ Estimates

Cisco Systems Inc. posted first-quarter revenue of $12.7 billion, up 3.6 percentĀ from the same quarter last year and beating analysts’ estimates.

“We are accelerating our ability to deliver on growth opportunities, aggressively driving our cloud business, and delivering continued strength in our deferred product revenue, as we sell more of our portfolio in software and cloud models,” Chief Executive Officer Chuck Robbins, who succeeded longtime CEO John Chambers, said in a statement. “Our guidance reflects lower than expected order growth in Q1, driven largely by the uncertainty of the macro environment and currency impacts. Despite these headwinds, I believe we are executing very well.”

Morning Consult