CSCO - Why Cisco Systems Stock Is Tumbling Thursday | Benzinga
Cisco Systems Inc (NASDAQ: CSCO) shares are trading lower Thursday after the company reported fiscal first-quarter results and issued weak guidance.
- Q1 Revenue: $14.67 billion beat estimates of $14.62 billion
- Q1 EPS: $1.11 beat estimates of $1.03
Total software revenue and software subscription revenues were up 13% year-over-year. Total annualized recurring revenue came in at $24.5 billion, up 5% year-over-year. Remaining performance obligations totaled $34.8 billion, up 12% year-over-year.
Cisco noted that it saw a slowdown of new product orders in the first quarter. The company believes the slowdown was due to customers being focused on installing and ...