Cisco reported second quarter revenue of $12.0 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.5 billion or $0.60 per share, and non-GAAP net income of $3.4 billion or $0.79 per share.
Cisco cited strength in Catalyst 9K, data center switching, security, wireless and Webex. The company sees long-term opportunities ahead in areas such as cloud, 400G, 5G, security, hybrid work and next generation applications .
Some highlights:
- Product revenue was down 1%
- Service revenue was up 2%.
- Revenue by geographic segment was: Americas down 1%, EMEA up 2%, and APJC down 4%.
- Product revenue was led by growth in Security, up 10%.
- Infrastructure Platforms was down 3% and Applications was flat.
- On a GAAP basis, total gross margin, product gross margin, and service gross margin were 65.1%, 64.5%, and 66.6%
"We are seeing encouraging signs of strength across our business showing how our technology will be a powerful engine for recovery and growth," said Chuck Robbins, chairman and CEO of Cisco. "Our team delivered a strong performance as we partnered with customers on accelerating their digital transformation and driving secure, remote work."
"Cisco executed well in Q2, delivering growth in orders, strong margins, and growth in non-GAAP EPS, while continuing to grow deferred revenue in double-digits through the shift to more software and subscriptions," said Scott Herren, CFO of Cisco.
https://newsroom.cisco.com/press-release-content?type=webcontent&articleId=2141211
