Cisco Systems (CSCO) Tops Q1 EPS by 1c

(Updated - November 12, 2014 4:07 PM EST)

Cisco Systems (NASDAQ: CSCO) reported Q1 EPS of $0.54, $0.01 better than the analyst estimate of $0.53. Revenue for the quarter came in at $12.2 billion versus the consensus estimate of $12.2 billion.

"We are pleased with our results and are very comfortable in our strategy to deliver innovative solutions which enable the next generation of IT and the Internet of Everything. This was our strongest Q1 ever in terms of revenue, non-GAAP operating income, and non-GAAP EPS," stated Cisco chairman and CEO John Chambers. "We continue to make progress towards becoming the #1 IT company in the world. We are still in a tough environment, but seeing encouraging trends as cities, businesses, governments and schools are becoming more digitized. Our solutions continue to drive positive outcomes and enable productivity through the combination of collaboration, mobility, security and efficiency across our customers' businesses."

CFO Transition Frank Calderoni recently notified Cisco of his decision to step down as executive vice president and chief financial officer of Cisco, effective January 1, 2015. Cisco plans to appoint Kelly A. Kramer to succeed Mr. Calderoni. She is currently senior vice president, Business Technology and Operations Finance of Cisco.

GUIDANCE:

Cisco is looking for Q2 revenue growth of 4% to 7% with EPS of $0.50 to $0.52. Consensus estimates were looking for Q2 revenue growth of 8 percent and EPS of $0.53

For earnings history and earnings-related data on Cisco Systems (CSCO) click here.

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