Cisco Systems (NASDAQ: CSCO) reported Q1 EPS of $0.84, $0.03 better than the analyst estimate of $0.81. Revenue for the quarter came in at $13.2 billion versus the consensus estimate of $13.09 billion.

"We delivered a solid quarter against a challenging macro environment," said Chuck Robbins, chairman and CEO of Cisco. "We're focused on continuing to drive innovation, transform our business and exceed our customers' expectations."

"We performed well in Q1, growing revenue and delivering strong margins and EPS," said Kelly Kramer, CFO of Cisco. "With software subscriptions now at 71% of our software revenue, we are making good progress in transforming our business model. We continue to invest in our innovation pipeline to generate long-term profitable growth and deliver value for shareholders."

GUIDANCE:

Cisco Systems sees Q2 2020 EPS of $0.75-$0.77, versus the consensus of $0.79.

• Revenue: (3)% to (5)% decline year over year

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