Cisco Reports First Quarter Earnings

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[{"type":"text","content":"SAN JOSE, Calif., Nov. 17, 2021 /PRNewswire/ -- \nNews Summary:\nOverall 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 yearEarnings 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 $0.82FY 2022 Guidance: Revenue: 5% to 7% growth year over year Earnings per Share: GAAP: $2.77 to $2.89; Non-GAAP: $3.38 to $3.45Cisco 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 $0.82 per share.\n\n\"In Q1, we had robust growth and continued strong demand despite the very dynamic supply environment,\" said Chuck Robbins, Chair and CEO of Cisco. \"Cisco's technology sits at the heart of the accelerated digital transformation happening today. Our breakthrough innovation, strong demand, and the success of our business transformation position us well for another year of growth in fiscal 2022.\"\n\"Our teams executed well in a challenging environment, delivering balanced profitable growth with revenue and non-GAAP EPS both growing 8% year over year,\" said Scott Herren, CFO of Cisco. \"We also continued to make significant progress in our business model transformation. Remaining performance obligations and annualized recurring revenue both grew 10% year over year with product ARR growth of 21% providing more predictability and visibility to our long-term growth.\"\nGAAP Results\nQ1 FY 2022\nQ1 FY 2021\nVs. Q1 FY 2021\nRevenue\n$\n12.9\n billion\n$\n11.9\n billion\n8%\nNet Income\n$\n3.0\n billion\n$\n2.2\n billion\n37%\nDiluted Earnings per Share (EPS)\n$\n0.70\n$\n0.51\n37%\nNon-GAAP Results\nQ...

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