Cisco posted its fiscal first quarter earnings that surpassed analysts’ expectations.
The IT/Networking company’s earnings for the quarter came in at 86 cents per share, above the 84 cents expected by analysts polled by Refinitiv.
Revenue rose +6% year-over-year to $13.6 billion, also topping analysts’ estimates of $13.3 billion (according to Refinitiv).
Revenue from Cisco’s largest business segment, which includes data-center networking switches, were up +12% year-over-year. Internet for the Future segment revenue fell -5%. Sales in the Collaboration segment, which features Webex, dropped -2% year over year.
For fiscal 2023, the company now projects sales growth of 4.5% to 6.5%, up from a prior forecast of 4% to 6%.