Cisco Systems (CSCO) Beats Q1 Earnings & Revenue Estimates
Cisco Systems CSCO delivered first-quarter fiscal 2019 non-GAAP earnings of 75 cents per share coming ahead of the Zacks Consensus Estimate of 72 cents per share. Strength witnessed in the company’s Security and Applications segments drove year-over-year growth. Order strength and improving traction of the subscription-based model were other tailwinds. Applications (10.9% of first-quarter revenues) consist of Collaboration portfolio of Unified Communications (“UC”), Conferencing and TelePresence, Internet of Things (“IoT”) and application software businesses such as AppDynamics and Jasper. In the first quarter, Cisco repurchased approximately 109 million shares of common stock for $5 billion, translating to an average price of $46.01 per share.