Cisco Reports 1st Quarter Earnings.

SAN JOSE, Calif: Summary:

Overall performance: $12.9 billion in revenue, up 8% year over year, with broad-based strength across the business; GAAP EPS $0.70, up 37% year over year, and Non-GAAP EPS $0.82, up 8% year over year

Strong demand across the business with 33% year-over-year total product order growth

Solid progress on business model transformation: Total Annualized Recurring Revenue was $21.6 billion for the first quarter of fiscal 2022, up 10% year over year

Q1 Results:

Revenue: $12.9 billion

Increase of 8% year over year

Earnings per Share: GAAP: $0.70; Non-GAAP: $0.82

GAAP EPS increased 37% year over year

Non-GAAP EPS increased 8% year over year

Q2 Guidance:

Revenue: 4.5% to 6.5% growth year over year

Earnings per Share: GAAP: $0.64 to $0.68; Non-GAAP: $0.80 to $0.82

FY 2022 Guidance:

Revenue: 5% to 7% growth year over year

Earnings per Share: GAAP: $2.77 to $2.89; Non-GAAP: $3.38 to $3.45

Cisco today reported first quarter results for the period ended October 30, 2021. Cisco reported first quarter revenue of $12.9 billion, net income on a generally accepted accounting principles (GAAP) basis of $3.0 billion or $0.70 per share, and non-GAAP net income of $3.5 billion or $0.82 per share.

"In Q1, we had robust growth and continued strong demand despite the very dynamic supply environment," said Chuck Robbins, Chair and CEO of Cisco. "Cisco's technology sits at the heart of the accelerated digital transformation happening today. Our breakthrough innovation, strong demand, and the success of our business transformation position us well for another year of growth in fiscal 2022."

"Our teams executed well in a challenging environment, delivering balanced profitable growth with revenue and non-GAAP EPS both growing 8% year over year," said Scott Herren, CFO of Cisco. "We also continued to make significant progress in our business model transformation. Remaining performance obligations and annualized recurring revenue both grew 10% year over year with product ARR growth of 21% providing more predictability and visibility to our long-term growth."

GAAP Results

Q1 FY 2022

Q1 FY 2021

Vs. Q1 FY 2021

Revenue

$

12.9

billion

$

11.9

billion

8%

Net Income

$

3.0

billion

$

2.2

billion

37%

Diluted Earnings per Share (EPS)

$

0.70

$

0.51

37%

Non-GAAP Results

Q1 FY 2022

Q1 FY 2021

Vs. Q1 FY 2021

Net Income

$

3.5

billion

$

3.2

billion

8%

EPS

$

0.82

$

0.76

8%

Reconciliations between net income, EPS, and other measures on a GAAP and non-GAAP basis are...