Cisco Systems, Inc. (CSCO – Free Report) just released its fiscal first-quarter financial results, posting earnings of 61 cents per share and revenues of $12.14 billion.
Currently, CSCO is a Zacks Rank #3 (Hold) and is up 3.52% to $35.31 per share in after-hours trading shortly after its earnings report was released.
Beat earnings estimates. The company posted non-GAAP earnings of $0.61 per share, beating the Zacks Consensus Estimate of $0.60.
Matched revenue estimates. The company saw revenue figures of $12.136 billion, basically matching our consensus estimate of $12.14 billion.
Total revenue was down about 2% year-over-year, while non-GAAP earnings were in-line with last year’s results. GAAP net income came in at $2.4 billion, which was up about 3% from the prior-year period.
“Our results in Q1 demonstrate the continued progress we’re making on our strategy,” said CEO Chuck Robbins. “The network has never been more critical to business success. Cisco is delivering more insights and intelligence as we help our customers build highly secure, intelligent platforms for digital business.”
For the second quarter of fiscal 2018, Cisco expects non-GAAP earnings to fall in the range of 58 cents to 60 cents per share. Our current consensus estimate is calling for earnings of 58 cents per share, and the company reported earnings of 57 cents per share in the comparable quarter last year.
Here’s a graph that looks at Cisco’s recent earnings surprise history:
Cisco is the worldwide leader in IT that helps companies seize the opportunities of tomorrow by proving that amazing things can happen when you connect the previously unconnected. The company is an American multinational technology conglomerate headquartered in San Jose, California. Cisco develops, manufactures and sells networking hardware, telecommunications equipment, and other high-technology services and products.
Check back later for our full analysis on Cisco’s latest earnings report!
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