Cisco CEO John Chambers has said that their first quarter was solid, as the company weathered economic uncertainty well.
Cisco reported a better-than-expected fiscal first quarter, and Chambers said that the company's restructuring is beginning to pay off in a "limited capital spending" environment.
The networking giant reported first-quarter earnings of US$1.8 billion, or 33 cents per share, on revenue of US$11.3 billion, up 4.7 per cent from a year ago. Non-GAAP earnings were 43 cents per share.
Wall Street was expecting non-GAAP earnings of 39 cents per share on revenue of US$11.03 billion.
In a statement, Chambers said that the quarter was solid. "Even in times of limited capital spending, intelligent networks are being deployed to drive new business, revenue and consumption models, enable new customer and employee experiences and drive efficiencies," said Chambers.
By the numbers:
- Cisco ended the quarter with US$44.4 billion in cash, investments and equivalents
- Cash flow in the first quarter was US$2.3 billion
- Days sales outstanding were 35 days, down from 38 days in the fourth quarter and a year ago
- Cisco generated 11.2 inventory turns in the first quarter, down from 11.8 in the fourth quarter
- Deferred revenue in the first quarter was $4.07 billion.
Via ZDNet US