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Cisco (CSCO) earnings Q1 2023

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An indication bearing the emblem for communications and security tech giant Cisco Systems Inc is seen outside considered one of its offices in San Jose, California, August 11, 2022.

Paresh Dave | Reuters

Cisco reported fiscal first-quarter results on Wednesday that beat analysts’ estimates and boosted its guidance for fiscal 2023.

The stock rose about 5% in prolonged trading.

Here’s how the corporate did:

  • Earnings per share: 86 cents vs. 84 cents expected, based on Refinitiv
  • Revenue: $13.6 billion vs. $13.3 billion expected by analysts, based on Refinitiv

Revenue increased 6% yr over yr, while net income slid 10% to $2.7 billion. The corporate now expects sales growth in fiscal 2023 of 4.5% to six.5%, up from a previous forecast that called for growth of 4% to six%.

CFO Scott Herren said in a company release that Cisco delivered “strong results” and attributed the corporate’s guidance forecast partially to an “easing supply situation.”

While Cisco’s numbers topped estimates, the corporate continues to be struggling to grow because the technology world rapidly shifts to cloud and subscription software and away from buying physical boxes. Cisco’s stock price is down 27% this yr, while the Nasdaq has dropped 29%.

Cisco’s top business segment, which incorporates data-center networking switches, delivered $6.68 billion in revenue, up 12% from a yr earlier.

Web for the Future, its second-largest unit, saw revenue drop 5% to $1.3 billion. The division accommodates routed optical networking hardware the corporate picked up through its 2021 Acacia Communications acquisition.

Sales within the Collaboration segment, which features Webex, contributed $1.1 billion in revenue, down 2% yr over yr.

Cisco will hold its quarterly call with investors at 4:30 p.m. ET.

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