Cisco sales tick up, CEO Robbins bullish on data center, security, collaboration
Cisco announced Wednesday that it eked out 1% revenue growth in its fiscal first quarter, compared to the same quarter last year, in what CEO Chuck Robbins described as a “challenging global business environment.” Total revenue for the quarter, which ended October 29, was $12.4 billion. Net income was $2.3 billion, off 4% year over year. Switching, which represents about 30% of the company’s sales, was down 7% in the quarter compared to last year. In an earnings call with financial analysts, CFO Kelly Kramer said the softness was in campus switching, which is two-thirds of the total switching business.CISCO NEWS: Cisco CEO Robbins: Wait til you see what’s in our innovation pipeline | Cisco CEO: Spin-in technologies aren’t dead at Cisco | Cisco/Ericsson: Assessing the mega-deal a year later Asked by analysts if this was a byproduct of macroeconomic trends or a product portfolio issue, Kramer chalked it up to the former, saying the company is confident of its portfolio and expects sales to pick up when spending increases.To read this article in full or to leave a comment, please click here