Cisco posts quarterly revenue of $13.1 billion, up 8%

Cisco reported total revenue of $13.1 billion for its first quarter (ended October 27, 2018), up 8%, with product revenue up 9% and service revenue up 3%. GAAP net income was $3.5 billion or $0.77 per share, and non-GAAP net income of $3.5 billion or $0.75 per share.

Some highlights:

• Revenue by geographic segment was: Americas up 5%, EMEA up 11%, and APJC up 12%. 
• Product revenue performance was generally broad-based with growth in Applications, up 18%, Security, up 11%, and Infrastructure Platforms, up 9%.
• There was a continued strong customer ramp of Catalyst 9000 family of switches.
• There was a double-digit growth in Security
• On a GAAP basis, total gross margin, product gross margin, and service gross margin were 62.3%, 61.6%, and 64.6%, respectively, as compared with 61.2%, 60.1%, and 64.5%, respectively, in the first quarter of fiscal 2018.

"We had a strong start to fiscal 2019 and we believe our opportunity has never been greater,” said Chuck Robbins, chairman and CEO of Cisco. “Our customers are looking to Cisco as a trusted partner to help them operate in a multi-cloud world and to transform their businesses. Our strategy is working and we are well positioned with our growing and differentiated portfolio across multiple domains to bring our customers a more secure, automated and simple IT infrastructure."