Cisco reported first quarter net sales of $9.6 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.2 billion or $0.35 per share, and non-GAAP net income of $2.5 billion or $0.40 per share.
"We believe the migration to the second phase of the Internet and the proliferation of networked Web 2.0 technologies will help drive dramatic gains in productivity and innovation across all industries. If this market transition continues to unfold as we expect, it has the potential to power Cisco's and the industry's growth for many years to come," said John Chambers, chairman and CEO, Cisco.
Some highlights for the quarter include:
- Routing revenue was up 18% YoY
- Switching revenue was up 8% YoY
- Advanced Technology revenue was up 27% YoY
- Unified Communications, including WebEX, had growth over 70% YoY
- Storage revenue growth was over 20% YoY
- In Europe, orders were up 20%, while U.S. order growth was 13% YoY
- Total gross margin (GAAP) was 65.6%
- Headcount was 63,050 compared with 51,840 a year earlier
- Cash flows from operations were $3.1 billion for the first quarter of fiscal 2008, compared with $2.3 billion for the first quarter of fiscal 2007, and compared with $2.7 billion for the fourth quarter of fiscal 2007.
- Cash and cash equivalents, and investments were $24.7 billion at the end of the first quarter of fiscal 2008, compared with $22.3 billion at the end of the fourth quarter of fiscal 2007.
- During the first quarter of fiscal 2008, Cisco repurchased 96 million shares of common stock at an average price of $31.28 per share for an aggregate purchase price of $3.0 billion.
- As of October 27, 2007, Cisco had repurchased and retired 2.3 billion shares of Cisco common stock at an average price of $19.89 per share for an aggregate purchase price of approximately $46.2 billion since the inception of the stock repurchase program.
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