Cisco Achieves Better Than Expected Revenue & Earnings
February 14, 2019
Cisco reported second quarter results for the period ended January 26, 2019. Cisco reported second quarter revenue of $12.4 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.8 billion or $0.63 per share, and non-GAAP net income of $3.3 billion or $0.73 per share.
Wall Street was only looking for 72 cents per share and revenue of $12.41 billion.
As previously disclosed, Cisco completed the divestiture of the Service Provider Video Software Solutions (SPVSS) business in the second quarter of fiscal 2019 on October 28, 2018. Revenue, non-GAAP financial information, and Q3 FY 2019 guidance have been normalized to exclude the SPVSS business from prior periods for comparative purposes.
"We are very pleased with our strong performance in the quarter," said Chuck Robbins, chairman and CEO of Cisco. "Our teams are executing incredibly well, aggressively transitioning to a software model and accelerating our pace of innovation. We are redefining and connecting every domain of the networking infrastructure to deliver the agility, operational efficiency and security our customers require to embrace multicloud, edge computing and digital transformation."
declared a quarterly dividend of $0.35 per
common share, a 2-cent increase or up 6%
over the previous quarter's dividend, to be
paid on April 24, 2019 to all shareholders
of record as of the close of business on
April 5, 2019. Future dividends will be
subject to Board approval.