Cisco sales tick up, CEO Robbins bullish on data center, security, collaboration
Cisco announced Wednesday that it eked out 1% revenue growth in its fiscal first quarter, compared to the same quarter last year, in what CEO Chuck Robbins described as a “challenging global business environment.”
Total revenue for the quarter, which ended October 29, was $12.4 billion. Net income was $2.3 billion, off 4% year over year.
Switching, which represents about 30% of the company’s sales, was down 7% in the quarter compared to last year. In an earnings call with financial analysts, CFO Kelly Kramer said the softness was in campus switching, which is two-thirds of the total switching business.
Asked by analysts if this was a byproduct of macroeconomic trends or a product portfolio issue, Kramer chalked it up to the former, saying the company is confident of its portfolio and expects sales to pick up when spending increases.
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