Cisco's Q1 revenue down 9% YoY to $11.9B
Cisco Systems Inc. reported on Thursday that its revenue totaled $11.9 billion in the first quarter of fiscal 2021, decreasing by 9% in comparison to the same timespan the previous year.
Net income amounted to $2.2 billion in the three months ending with October 24, 2020, plunging by 26% from the same trimester last year. The company's diluted earnings per share (EPS) stood at $0.51, down 25% compared to the first quarter of 2020, while operating income dropped 28% to $2.6 billion.
"We continued to transform our business through more software offerings and subscriptions, driving 10% year over year growth in remaining performance obligations. We delivered strong growth in operating cash flow and returned $2.3 billion to shareholders," CFO Kelly Kramer noted in a statement.
The company's shares were 8.87% up in after-hours trading following the release of the report.