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Cisco: Q1 adjusted EPS down 10%

( - On Thursday evening Cisco Systems reported an 11% decline in adjusted net income to 3.
2 billion dollars for Q1 2020-21, representing adjusted EPS of 76 cents (-10%), albeit above the consensus.

Revenues fell by 9% to 11.9 billion dollars, with a 2% increase in services, although a 13% decline in products, as growth in security (+6%) was unable to offset declines in infrastructure platforms
(-16%) and applications (-8%).

For the current quarter, the network equipment giant said it expects adjusted EPS of 74-76 cents, an adjusted operating margin of 32%-33% and revenues that are either stable or down by up to 2% year-on-year.

The share is up almost 8% in pre-market trading on Friday.

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