Cisco Systems Beats Q1 Expectations

Cisco Systems, Inc. CSCO reported its first quarter results Wednesday for the period ended October 25, 2014. Cisco reported first quarter revenue of $12.25 billion, slightly above estimates of $12.16 billion.

Net income on a GAAP basis of $1.8 billion or $0.35 per share, and non-GAAP net income was $2.8 billion or $0.54 per share, above estimates of $0.53; $0.53 was also reported for the year-ago period.

"We are pleased with our results and are very comfortable in our strategy to deliver innovative solutions which enable the next generation of IT and the Internet of Everything. This was our strongest Q1 ever in terms of revenue, non-GAAP operating income, and non-GAAP EPS," stated Cisco Chairman and CEO John Chambers.

Cisco Systems traded at $25.55 in the after-hours session, up 1.75 percent.