Cisco reported total revenue of $12.1 billion for the first quarter of its fiscal 2018, down 2%, with product revenue down 3% and service revenue up 1%. Net income GAAP was $2.4 billion or $0.48 per share, and non-GAAP net income of $3.0 billion or $0.61 per share.
"Our results in Q1 demonstrate the continued progress we're making on our strategy," said Chuck Robbins, CEO of Cisco.
Some highlights for the quarter
- 2% of total revenue was from recurring offers
- Revenue by geographic segment was: Americas down 1% to $7.350 billion, EMEA down 3% to $2.909 billion, and APJC down 1% to $1.877 billion.
- Product revenue performance was led by Security and Applications, which increased by 8% and 6%, respectively.
- Infrastructure Platforms revenue decreased by 4%.
- The new Catalyst 9000 has been adopted by 1,100 customers in the first three months.
- Product gross margins were 60.1%, down from 63.4% a year ago
- Service gross margins were 64.5%, down from 65.1% a year ago
- Cash and cash equivalents and investments at the end of the quarter were $71.6 billion, of which $2.5 billion was in the United States and the rest abroad.
This quarter, Cisco changed the way it categorizes product revenue. Here's how the classification matches up.
