Cisco Reports First Quarter Earnings

SAN JOSE, Calif. Nov. 16, 2022

News Summary:

$13.6 billion in revenue, up 6% year over year; GAAP EPS $0.65, down 7% year over year, and Non-GAAP EPS $0.86, up 5% year over year

Continued progress on business model transformation:

Total annualized recurring revenue (ARR) at $23.2 billion, up 7% year over year and product ARR up 12% year over year

Total software revenue up 5% year over year and software subscription revenue up 11% year over year

Remaining performance obligations (RPO) at $30.9 billion, up 3% year over year and product RPO up 5% year over year

Q1 FY 2023 Results:

Revenue: $13.6 billion

Increase of 6% year over year

Earnings per Share: GAAP: $0.65; Non-GAAP: $0.86

GAAP EPS decreased (7)% year over year

Non-GAAP EPS increased 5% year over year

Q2 FY 2023 Guidance:

Revenue: 4.5% to 6.5% growth year over year

Earnings per Share: GAAP: $0.59 to $0.64; Non-GAAP: $0.84 to $0.86

FY 2023 Guidance:

Revenue: 4.5% to 6.5% growth year over year

Earnings per Share: GAAP: $2.63 to $2.76; Non-GAAP: $3.51 to $3.58

Cisco today reported first quarter results for the period ended October 29, 2022. Cisco reported first quarter revenue of $13.6 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.7 billion or $0.65 per share, and non-GAAP net income of $3.5 billion or $0.86 per share.

Our fiscal 2023 is off to a good start as we delivered the largest quarterly revenue and second highest quarterly non-GAAP earnings per share in our history, said Chuck Robbins, chair and CEO of Cisco. These results demonstrate the relevance of our strategy, our differentiated innovation, and our unique position to help our customers become more resilient.

We delivered strong results in Q1 and continued to make progress on our business transformation, said Scott Herren, CFO of Cisco. Our annualized recurring revenue increased to more than $23 billion, with product ARR growing 12%. This, together with our significant backlog, strong RPO, and easing supply situation, provides us with great visibility and predictability, and supports our increased full year guidance.

GAAP Results

Q1 FY 2023

Q1 FY 2022

Vs. Q1 FY 2022

Revenue

$ 13.6

billion

$ 12.9

billion

6 %

Net Income

$ 2.7

billion

$ 3.0

billion

(10) %

Diluted Earnings per Share (EPS)

$ 0.65

$ 0.70

(7) %

Non-GAAP Results

Q1 FY 2023

Q1 FY 2022

Vs. Q1 FY 2022

Net Income

$ 3.5

billion

$ 3.5

billion

2 %

EPS

$ 0.86

$ 0.82

5 %

LINK:	http://newsroom.cisco.com/press-release-content?type=webcontent&articl...
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