Cisco Systems (NASDAQ:CSCO) reports 1Q17 Profit Up 5%; Beats Street View

Cisco Systems (NASDAQ:CSCO) reports 1Q17 Profit Up 5%; Beats Street View

0
175
The Street Isn’t Happy With Cisco’s Guidance

Cisco Systems (NASDAQ:CSCO) networking giant reported net income for the first quarter of $ 2.52 billion or $ 0.50 per share, compared to income of $ 2.35 billion or $ 0.46 per share for the year-ago quarter.

The company reported first quarter Non-GAAP net income of $ 3.03 billion or $ 0.60 per share.

The topline results for the first quarter slipped to $ 11.94 billion from $ 12.00 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected Cisco Systems to report income of $ 0.58 per share on revenue of $ 11.90 billion for the first quarter. Analysts estimates generally exclude one time charges / gains.

Chuck Robbins, CEO, said: I am pleased with the progress we are making on the multi-year transformation of our business. We are laser focused on delivering unparalleled value through highly secure, software-defined, automated and intelligent infrastructure.

For the next quarter, the company expects Non-GAAP earnings in the range of $0.60 – $0.62 per share.