Revenue surpasses estimates and rises 1.3%.
Network equipment maker Cisco has reported a first quarter net income drop of 8.4%, down to $1.8bn, compared with the same quarter last year.
However, revenue was up 1.3% year-over-year, reaching $12.24bn, beating analysts’ estimates of $12.16bn.
"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," said Cisco 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 digitised. Our solutions continue to drive positive outcomes and enable productivity through the combination of collaboration, mobility, security and efficiency across our customers’ businesses."
Coinciding with the earnings release, Cisco CFO Frank Calderoni announced he will be stepping down from his position effective January 1, 2015. The company’s current SVP of business technology will replace him.