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Cisco beats Q1 targets with broad-based growth

Cisco reported its first quarter financial results Wednesday, beating market expectations.

Non-GAAP earnings came to 75 cents per share. Revenue for the quarter was $13.1 billion, an increase of 8 percent year-over-year.

Wall Street was looking for earnings of 72 cents a share on revenue of $12.87 billion.

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“We had a strong start to fiscal 2019 and we believe our opportunity has never been greater,” CEO Chuck Robbins said in a statement. “Our customers are looking to Cisco as a trusted partner to help them operate in a multi-cloud world and to transform their businesses. Our strategy is working and we are well positioned with our growing and differentiated portfolio across multiple domains to bring our customers a more secure, automated and simple IT infrastructure.”

The San Jose, Calif.-based company said it saw broad-based growth across all geographies, product categories and customer segments. Service revenue was up 3 percent, and Product revenue was up 9 percent. Specifically in Product revenue, Applications was up 18 percent, Security, up 11 percent, and Infrastructure Platforms, up 9 percent.

Revenue in the Americas increased 5 percent, EMEA revenue was up 11 percent, and APJC revenue increased 12 percent.

For Q2, Cisco gave an outlook of earnings between 71 cents and 73 cents per share, with revenue growth between 5 percent to 7 percent year-over-year.

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