Cisco's Robbins thanks software for return to revenue growth
Cisco's Robbins thanks software for return to revenue growth
Cisco is one of the richest companies in the technology industry with more than $70 billion in cash
15 February, 2018, 20:33
Cisco does not break out revenue figures for its software business as a whole, but said that 52 percent of software revenue came from subscriptions. By that measure, Cisco's results topped the consensus estimates of Wall Street analysts, who had forecast the company to earn 59 cents a share on $11.81 billion in sales.
Shares of the Dow component, which also benefited from growth in its switching business, jumped 7.1% to $45.09 in after-market trading yesterday.
In a statement Cisco said it took an $11.1 billion one-time charge because of recently enacted USA tax reform.
The company said it plans to bring back $67 billion of funds held overseas in the third quarter of fiscal 2018 by taking advantage of the recent changes to the U.S. tax laws.
Faced with sluggish demand for its traditional switches and routers business from telecom carriers, Cisco has been moving to a software- and subscription-focused model.
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"There's a great deal of confidence on a global basis, probably a lot more than we have seen for a very long time", Cisco's chief executive Chuck Robbins told The Financial Times.
"Product revenue performance reflected solid growth in applications and security, which each increased 6 per cent. Infrastructure platforms increased by 2 per cent", the company said.
"Cisco looks to slowly be getting back on the modest growth trajectory with a software-centric approach, the key DNA in its turnaround plan", said Ives, who added that adding more software to its long-time arsenal of networking hardware is "music to ears of (Cisco's) customers and partners".
Cisco has also doubled down on M&A's to build up its software business.
For the three months ending January 27, Cisco saw its revenue creep up three percent year on year to $11.9bn. Cisco's tax provision rate for the fiscal second quarter was 20 percent, excluding certain items, down from 22 percent one year earlier. The company forecast third-quarter revenue to grow by 3 percent to 5 percent over the $11.6 billion Cisco reported a year ago.
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The industrial products company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.01. TRADEMARK VIOLATION WARNING: This piece was first posted by Dispatch Tribunal and is the property of of Dispatch Tribunal.
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